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U. S. Demand For Different Types Of Imported And Domestic Investment Goods

  • John J. HEIM

Separate investment demand functions are developed and tested for (1) plant and equipment, (2) inventory, and (3) residential housing and compared for consistency with previous studies of total investment demand. U.S. 1960 - 2000 data are tested using 2SLS with heteroskedasticity controls. Data in first differences are used to reduce multicollinearity, non stationarity and autocorrelation. The models explain 90% of the variance in plant and equipment demand, 85% of housing demand and 67% of inventory demand. Plant, equipment and inventory investment appear driven by the accelerator effect, crowd out, depreciation, interest, and the exchange rate; residential construction by disposable income.

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Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

Volume (Year): 10 (2010)
Issue (Month): 1 ()
Pages:

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Handle: RePEc:eaa:aeinde:v:10:y:2010:i:1_8
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  1. Newey, Whitney & West, Kenneth, 2014. "A simple, positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 33(1), pages 125-132.
  2. Michael C. Lovell, 1962. "Inventory Investment," Cowles Foundation Discussion Papers 131, Cowles Foundation for Research in Economics, Yale University.
  3. Yungsan Kim & Woon Gyu Choi, 2001. "Has Inventory Investment Been Liquidity-Constrained? Evidence From U.S. Panel Data," IMF Working Papers 01/122, International Monetary Fund.
  4. John J. Heim, 2008. "The Consumption Function," Rensselaer Working Papers in Economics 0805, Rensselaer Polytechnic Institute, Department of Economics.
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