| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3233 |
| DP3233 Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All? | |
| Xavier Vives; Jean Charles Rochet | |
| 发表日期 | 2002-02-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | The objective of this note is to document the importance of improvements relative to the other forms of capital spending and to determine whether improvements have similar cyclical properties as maintenance and repair. To shed some light on these issues, we look at a unique data set on Swiss road spending. The data on road spending are broken down into new roads, road improvements, and road maintenance and repair (hereafter road maintenance). The long-run evidence finds that road improvement is larger in size than road maintenance and exhibits similar dynamic properties as road maintenance. This result strengthens the view of McGratten and Schmitz (1999) that countercyclical spending of firms on maintenance (and on improvement) of existing capital is too large to be ignored. |
| 主题 | International Macroeconomics ; Public Economics |
| 关键词 | Maintenance and repair Improvements Capital utilization |
| URL | https://cepr.org/publications/dp3233 |
| 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/532258 |
| 推荐引用方式 GB/T 7714 | Xavier Vives,Jean Charles Rochet. DP3233 Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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