| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP1526
|
| DP1526 The Response of Wages and Actual Hours Worked to the Reduction of Standard Hours in Germany |
| Jennifer Hunt
|
| 发表日期 | 1996-12-20
|
| 出版年 | 1996
|
| 语种 | 英语
|
| 摘要 | Theoretical models of investment under uncertainty predict that the sign and the strength of the investment-uncertainty relationship is in principle ambiguous and can vary greatly across groups of firms depending on the degree of irreversibility of investment and the market power of the firm. This paper investigates the effects of uncertainty on the investment decisions of a sample of Italian manufacturing firms, using information on the subjective probability distribution of future demand for firms? products according to entrepreneurs. The results support the view that uncertainty slows down capital accumulation. Consistent with the predictions of the theory, there is considerable heterogeneity in the effect of uncertainty on investment: it is stronger for firms that cannot easily reverse investment decisions and for those with substantial market power. We show that the negative effect of uncertainty on investment cannot be explained by uncertainty proxying for liquidity constraints, credit rationing being more likely among riskier firms. Evidence of a negative effect of past uncertainty on hours currently worked reinforces the conclusion of a negative relationship between uncertainty and investment. |
| 主题 | International Macroeconomics
|
| 关键词 | Demand uncertainty
investment
Irreversibility
|
| URL | https://cepr.org/publications/dp1526
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530671
|
推荐引用方式
GB/T 7714 |
Jennifer Hunt. DP1526 The Response of Wages and Actual Hours Worked to the Reduction of Standard Hours in Germany. 1996.
|
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