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Investissement, incertitude de la demande et contraintes de capacités David de la Croix

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  • Omar Licandro

Abstract

[ger] Investition bei Nachfrageunsicherheit und Kapazitätszwängen, . von David de la Croix, Omar Licandro.. . Durch Schätzung einer Investitionsfunktion des produzierenden Gewerbes in Belgien wird bei aleatorischer Nachfrage und bei Vorhandensein von Kapazitätszwängen die Stichhaltigkeit der Theorien des Tobin-q bewertet. Die Investition hàngt dann vom durchschnittlichen q und von den Vorwegnahmen des Kapazitätsausnutzungsgrads ab. Aus den Schätzungen geht hervor, daß durch die Einbeziehung des Kapazitätsausnutzungsgrads die Investitionsratengleichung wesentlich verbessert wird. [spa] Inversiones, incertidumbre de la demanda e imperativos de capacidades, . por David de la Croix y Omar Licandro.. . Se procede a la valoración de la pertinencia de las teorías del ratio q de Tobin evaluando una función de inversión del sector manufacturero belga, y considerando que la demanda es aleatoria y en presencia de imperativos de capacidad. La inversión dépende entonces de q de promedio y de las anticipations de la tasa de utilización de las capacidades. Las evaluationes muestran que la introducción de la tasa de utilización de las capacidades mejora de forma signifîcativa la ecuación de inversión. [eng] Investment Under Demand Uncertainty and Capacity Constraints, . by David de la Croix and Omar Licandro.. . The relevance of Tobin's q theory is evaluated under stochastic demand and capacity constraints by estimating a Belgian manufacturing investment function. Under these theoretical conditions, investment depends on average q and on the expectations about the degree of capacity utilization. The resulting estimates show that the introduction of the degree of capacity utilization as an additional explanatory variable significantly improves the investment rate equation. [fre] Investissement, incertitude sur la demande et contraintes de capacités, . par David de la Croix, Omar Licandro.. . La pertinence des théories du ratio q de Tobin est évaluée en estimant une fonction d'investissement du secteur manufacturier belge, en considérant que la demande est aléatoire et en présence de contraintes de capacité. L'investissement dépend alors du q moyen et des anticipations du taux d' utilisation des capacités. Les estimations montrent que l'introduction du taux d'utilisation des capacités améliore significativement l'équation d'investissement.

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Bibliographic Info

Article provided by Programme National Persée in its journal Économie & prévision.

Volume (Year): 106 (1992)
Issue (Month): 5 ()
Pages: 85-95

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Handle: RePEc:prs:ecoprv:ecop_0249-4744_1992_num_106_5_5317

Note: DOI:10.3406/ecop.1992.5317
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecop

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  1. Sneessens, Henri R & Dreze, Jacques H, 1986. "A Discussion of Belgian Unemployment, Combining Traditional Concepts and Disequilibrium Econometrics," Economica, London School of Economics and Political Science, vol. 53(210(S)), pages S89-119, Supplemen.
  2. Edmond MALINVAUD, 1987. "Capital productif, incertitudes et profitabilité," Annales d'Economie et de Statistique, ENSAE, issue 5, pages 1-36.
  3. Andrew B. Abel & Olivier J. Blanchard, 1983. "The Present Value of Profits and Cyclical Movements in Investment," NBER Working Papers 1122, National Bureau of Economic Research, Inc.
  4. Hsiao, Cheng, 1979. "Causality tests in econometrics," Journal of Economic Dynamics and Control, Elsevier, vol. 1(4), pages 321-346, November.
  5. Holmlund, B. & Ohlsson, H., 1990. "Wage Linkages Between Private and Public Sectors," Papers 1990t, Uppsala - Working Paper Series.
  6. Lambert, J.-P. & Mulkay, B., 1987. "Investment in a disequilibrium context or does profitability really matter ?," CORE Discussion Papers 1987003, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Fumio Hayashi, 1981. "Tobin's Marginal q and Average a : A Neoclassical Interpretation," Discussion Papers 457, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  8. Hansen, Gerd, 1989. "Testing for money neutrality," European Journal of Political Economy, Elsevier, vol. 5(1), pages 89-112.
  9. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
  10. Dreze, Jacques & Bean, Charles R, 1990. " European Unemployment: Lessons from a Multicountry Econometric Study," Scandinavian Journal of Economics, Wiley Blackwell, vol. 92(2), pages 135-65.
  11. Sneessens, Henri R., 1987. "Investment and the inflation-unemployment tradeoff in a macroeconomic rationing model with monopolistic competition," European Economic Review, Elsevier, vol. 31(3), pages 781-808, April.
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