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The Influence of Uncertainty on UK Manufacturing Investment

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Driver, Ciaran
Moreton, David

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Abstract

This paper reports the results of including proxies for growth and inflation uncertainty in an accelerator-style investment equation, set up in "error-correction" form, for U.K. manufacturing plant and machinery expenditure. The uncertainty proxies are constructed as cross-section dispersion indices of independent economic forecasts. The results confirm the importance of output growth uncertainty as a (negative) determinant of capital formation. Inflation uncertainty was found to have a short-run influence only. Copyright 1991 by Royal Economic Society.

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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 101 (1991)
Issue (Month): 409 (November)
Pages: 1452-59
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Handle: RePEc:ecj:econjl:v:101:y:1991:i:409:p:1452-59

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