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Investment Rates and the Aggregate Production Function

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  • Fernando Garcıa-Belengue

    (Universidad Autonoma de Madri)

  • Manuel S. Santos

    ()
    (Department of Economics, University of Miami)

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    Abstract

    In this paper we consider a simple version of the neoclassical growth model, and carry out an empirical analysis of the main determinants of aggregate investment across countries. More specifically, we study the effects on aggregate investment of income growth, capital income shares, the relative price of capital, and various market distortions. This exercise also sheds light into the shape of the neoclassical production function. We check these investment patterns for both OECD and non-OECD countries. We also decompose investment data into equipment and structures, and explore major factors affecting their relative prices

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    File URL: http://www.bus.miami.edu/_assets/files/faculty-and-research/academic-departments/eco/eco-working-papers/2011/2011-3.pdf
    File Function: First version, 2011
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    Bibliographic Info

    Paper provided by University of Miami, Department of Economics in its series Working Papers with number 2011-3.

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    Length: 36 pages
    Date of creation: 2011
    Date of revision:
    Publication status: Forthcoming: Working
    Handle: RePEc:mia:wpaper:2011-3

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    Web page: http://www.bus.miami.edu/faculty-and-research/academic-departments/economics/index.html
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    Related research

    Keywords: Investment rates; Aggregate production function; Relative price of investment;

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    1. Garcia-Belenguer, Fernando, 2007. "Stability, global dynamics and Markov equilibrium in models of endogenous economic growth," Journal of Economic Theory, Elsevier, vol. 136(1), pages 392-416, September.
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