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Investitionen und Kapitalkosten: Wenn niedrige Zinssätze für starkes Investitionswachstum nicht ausreichen

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Abstract

Using the Markov-regime switching technique, this paper attempts to explain what drives the US gross fixed capital investment at an aggregate level. The focus of the paper is on the role of the cost of capital in determining the probability of switching between high and low investment-growth regimes. Whilst the bulk of the investment literature is concentrated on companylevel Tobin’s q to explain company-level investment, we calculate an aggregate Tobin’s q for the US non-farm, non-financial corporate sector, to analyse how the cost of capital impacts the non-linear relationship between investment and «q».

Suggested Citation

  • Banu Simmons-Süer, 2014. "Investitionen und Kapitalkosten: Wenn niedrige Zinssätze für starkes Investitionswachstum nicht ausreichen," KOF Analysen, KOF Swiss Economic Institute, ETH Zurich, vol. 8(4), pages 51-64, December.
    • Handle: RePEc:kof:anskof:v:8:y:2014:i:4:p:51-64
    DOI: 10.3929/ethz-a-005427569
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    Keywords

    Investition; Tobins Q; Kapitalkosten; Regimewechsel;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • C24 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Truncated and Censored Models; Switching Regression Models; Threshold Regression Models
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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