| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12710 |
| DP12710 What Drives Aggregate Investment? Evidence from German Survey Data | |
| Ruediger Bachmann; Peter Zorn | |
| 发表日期 | 2018-02-11 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | The ifo Investment Survey asks firms in the German manufacturing sector about the importance of sales, technological factors, finance, return expectations, and macroeconomic policy for their investment activity in a given year. We show that these subjective investment determinants 1) capture economically what their labels suggest, and 2) have strong explanatory power for aggregate manufacturing investment growth fluctuations. In a second step, we use these determinants to identify aggregate demand and aggregate technology shocks and argue that the bulk of the variance of both aggregate manufacturing investment and output growth fluctuations (as much as approximately two thirds in both cases) is explained by aggregate demand shocks. Consistent with neoclassical views, however, technological factors are the most important investment determinant on average. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Investment dynamics Investment determinants Survey data Narrative approach Aggregate demand shocks Sentiment shocks |
| URL | https://cepr.org/publications/dp12710 |
| 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/541522 |
| 推荐引用方式 GB/T 7714 | Ruediger Bachmann,Peter Zorn. DP12710 What Drives Aggregate Investment? Evidence from German Survey Data. 2018. |
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