IDEAS home Printed from
   My bibliography  Save this paper

El patrón inversor de los establecimientos industriales de la Comunidad de Madrid


  • Ana Goicolea
  • Omar Licandro
  • Reyes Maroto


In this paper we study the investment behavior of manufacturing firms using data from the Encuesta Económica al Sector Industrial compiled by the Statistical Office of Madrid's Regional Government. In the first part of the paper, we describe firms' investment behavior. We find that investment decisions are discontinuous, and tend to cluster in certain years. Null or low investment episodes are frequent, whereas high investment episodes are rare but quantitatively important. We also find evidence on replacement activity, as vintage capital models predict. First, the estimation of a hazard function indicates that the probability of finding a new investment spike is higher as time elapsed from the last spike passes. This result may be due to the obsolescence of capital as it ages. Second, we are interested in measuring the effect that high investment periods have on firm's productivity, in an attempt to find evidence of technical progress embodied on physical capital. We find some evidence of the positive effect of investment spikes on the firm's labor productivity.

Suggested Citation

  • Ana Goicolea & Omar Licandro & Reyes Maroto, "undated". "El patrón inversor de los establecimientos industriales de la Comunidad de Madrid," Working Papers 99-19, FEDEA.
  • Handle: RePEc:fda:fdaddt:99-19

    Download full text from publisher

    File URL:
    Download Restriction: no

    Other versions of this item:

    More about this item

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fda:fdaddt:99-19. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carmen Arias). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.