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Adjustment costs and investment in a stochastic endogenous growth model

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  • Benavie, Arthur
  • Grinols, Earl
  • Turnovsky, Stephen J.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Monetary Economics.

Volume (Year): 38 (1996)
Issue (Month): 1 (August)
Pages: 77-100

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Handle: RePEc:eee:moneco:v:38:y:1996:i:1:p:77-100

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Web page: http://www.elsevier.com/locate/inca/505566

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References

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  1. Stulz, ReneM., 1986. "Interest rates and monetary policy uncertainty," Journal of Monetary Economics, Elsevier, Elsevier, vol. 17(3), pages 331-347, May.
  2. Sergio Rebelo, 1999. "Long Run Policy Analysis and Long Run Growth," Levine's Working Paper Archive 2114, David K. Levine.
  3. Grinols, E.L. & Turnovsky, S.J., 1992. "Risk, the Financial Market and Macroeconomic Equilibrium," Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington 92-01, Department of Economics at the University of Washington.
  4. Becker, Robert A, 1981. "The Duality of a Dynamic Model of Equilibrium and an Optimal Growth Model: The Heterogeneous Capital Goods Case," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 96(2), pages 271-300, May.
  5. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 22(1), pages 3-42, July.
  6. Merton, Robert C, 1969. "Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case," The Review of Economics and Statistics, MIT Press, vol. 51(3), pages 247-57, August.
  7. Thomas J. Sargent, 1979. ""Tobin's Q" and the rate of investment in general equilibrium," Staff Report, Federal Reserve Bank of Minneapolis 40, Federal Reserve Bank of Minneapolis.
  8. Abel, Andrew B, 1983. "Optimal Investment under Uncertainty," American Economic Review, American Economic Association, vol. 73(1), pages 228-33, March.
  9. Barro, Robert J., 1990. "Government Spending in a Simple Model of Endogeneous Growth," Scholarly Articles 3451296, Harvard University Department of Economics.
  10. Jones, Larry E & Manuelli, Rodolfo E & Rossi, Peter E, 1993. "Optimal Taxation in Models of Endogenous Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 101(3), pages 485-517, June.
  11. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  12. Hartman, Richard, 1972. "The effects of price and cost uncertainty on investment," Journal of Economic Theory, Elsevier, vol. 5(2), pages 258-266, October.
  13. Levhari, David & Srinivasan, T N, 1969. "Optimal Savings under Uncertainty," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 36(106), pages 153-63, April.
  14. Hayashi, Fumio, 1982. "Tobin's Marginal q and Average q: A Neoclassical Interpretation," Econometrica, Econometric Society, Econometric Society, vol. 50(1), pages 213-24, January.
  15. Merton, Robert C., 1973. "An asymptotic theory of growth under uncertainty," Working papers 673-73., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  16. Andrew B. Abel, 1984. "A Stochastic Model of Investment, Marginal q and the Market Value of theFirm," NBER Working Papers 1484, National Bureau of Economic Research, Inc.
  17. Andrew B. Abel & Janice C. Eberly, 1993. "A Unified Model of Investment Under Uncertainty," NBER Working Papers 4296, National Bureau of Economic Research, Inc.
  18. Eaton, Jonathan, 1981. "Fiscal Policy, Inflation and the Accumulation of Risky Capital," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 48(3), pages 435-45, July.
  19. Turnovsky, Stephen J, 1996. "Fiscal Policy, Adjustment Costs, and Endogenous Growth," Oxford Economic Papers, Oxford University Press, vol. 48(3), pages 361-81, July.
  20. Robert E. Lucas & Jr., 1967. "Adjustment Costs and the Theory of Supply," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 75, pages 321.
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Citations

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Cited by:
  1. Stephen Turnovsky, 1998. "Productive Government Expenditure in a Stochastically Growing Economy," Working Papers 0056, University of Washington, Department of Economics.
  2. K Blackburn & A Pelloni, 2001. "On the Relationship Between Growth and Volatility in Learning-by-Doing Economies," Centre for Growth and Business Cycle Research Discussion Paper Series 01, Economics, The Univeristy of Manchester.
  3. Sarajevs, Vadims, 1999. "Macroeconomic Model of Transition Economy: A Stochastic Calculus Approach," BOFIT Discussion Papers 7/1999, Bank of Finland, Institute for Economies in Transition.
  4. Óscar Afonso & Maria Thompson, 2009. "Costly Investment, Complementarities and the Skill Premium," FEP Working Papers 323, Universidade do Porto, Faculdade de Economia do Porto.
  5. Kim, Jinill, 2003. "Functional equivalence between intertemporal and multisectoral investment adjustment costs," Journal of Economic Dynamics and Control, Elsevier, vol. 27(4), pages 533-549, February.
  6. Canton, E.J.F., 1996. "Business Cycles in a Two-Sector Model of Endogenous Growth," Discussion Paper, Tilburg University, Center for Economic Research 1996-116, Tilburg University, Center for Economic Research.
  7. Maria João Ribeiro Thompson, 2003. "Complementarities, Costly Investment and Multiple Equilibria in a One-Sector Endogenous Growth Model," NIPE Working Papers, NIPE - Universidade do Minho 7/2003, NIPE - Universidade do Minho.
  8. Afonso, Óscar & Thompson, Maria, 2011. "Costly investment, complementarities and the skill premium," Economic Modelling, Elsevier, vol. 28(5), pages 2254-2262, September.
  9. Turnovsky, Stephen J., 1999. "On the role of government in a stochastically growing open economy," Journal of Economic Dynamics and Control, Elsevier, vol. 23(5-6), pages 873-908, April.
  10. Minea, Alexandru, 2008. "The Role of Public Spending in the Growth Theory Evolution," Journal for Economic Forecasting, Institute for Economic Forecasting, Institute for Economic Forecasting, vol. 5(2), pages 99-120, June.
  11. Sochirca, Elena & Afonso, Óscar & Gil, Pedro Mazeda, 2013. "Technological-knowledge bias and the industrial structure under costly investment and complementarities," Economic Modelling, Elsevier, vol. 32(C), pages 440-451.
  12. Maria Thompson, 2008. "Complementarities and costly investment in a growth model," Journal of Economics, Springer, vol. 94(3), pages 231-240, September.
  13. Óscar Afonso & Sara Monteiro & Maria João Ribeiro Thompson, 2010. "A Growth Model for the Quadruple Helix Innovation Theory," NIPE Working Papers, NIPE - Universidade do Minho 12/2010, NIPE - Universidade do Minho.
  14. Óscar Afonso & Sara Monteiro & Maria Thompson, 2010. "A Growth Model for the Quadruple Helix Innovation Theory," FEP Working Papers 370, Universidade do Porto, Faculdade de Economia do Porto.
  15. Elena Sochirca & Pedro Mazeda Gil & Oscar Afonso, 2013. "Technology Structure and Skill Structure: Costly Investment and Complementarity Effects Quantification," FEP Working Papers 478, Universidade do Porto, Faculdade de Economia do Porto.
  16. Maria João Thompson, 2007. "Complementarities and Costly Investment in a One-Sector Growth Model," NIPE Working Papers, NIPE - Universidade do Minho 8/2007, NIPE - Universidade do Minho.
  17. Kogan, Leonid, 2004. "Asset prices and real investment," Journal of Financial Economics, Elsevier, vol. 73(3), pages 411-431, September.
  18. Smith, William T., 1999. "Risk, the Spirit of Capitalism and Growth: The Implications of a Preference for Capital," Journal of Macroeconomics, Elsevier, vol. 21(2), pages 241-262, April.
  19. Kenc, Turalay, 2004. "Taxation, risk-taking and growth: a continuous-time stochastic general equilibrium analysis with labor-leisure choice," Journal of Economic Dynamics and Control, Elsevier, vol. 28(8), pages 1511-1539, June.

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