Integrating Tobin's Q with Goodwin's Nonlinear Accelerator
This paper derives an optimal investment function that combines Tobin's q with Goodwin's nonlinear accelerator. It provides microfoundations to the backward looking behaviour of investment in Goodwin's model, and simultaneously allows the study of Tobin's q into a business cycle model.
|Date of creation:||01 May 2000|
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