Investment Theories and Analyses

Investment provides an examination of the key macroeconomic theories which underpin fixed asset investment. It would make ideal reading for an intermediate level macroeconomics course or a module on fixed asset investment taking an applied macroeconomic perspective.

Michelle Baddeley is Fellow and College Lecturer in Economics, Gonville and Caius College, University of Cambridge.

List of Boxes, Tables and Figures

ix

List of Abbreviations

xi

Foreword

xii

G.C. Harcourt

Acknowledgements

xiv

Part I Overview

Introduction

3

(5)

An overview of concepts and approaches

8

(15)

Part II Theoretical Issues

Intellectual ancestors: Irving Fisher and Maynard Keynes

23

(24)

Accelerator theory

47

(10)

Jorgenson's model of investment

57

(9)

The limitations of Jorgenson's model

66

(13)

Putty-clay models of investment

79

(13)

Adjustment costs and q theory

92

(17)

Uncertainty and investment

109

(15)

Post Keynesian analyses of investment

124

(15)

Part III Testing the Theories

Comparing Jorgenson's model and accelerator theory: evidence from the UK

139

(10)

Uncertainty in competing models of investment: evidence from the USA

149

(14)

Part IV Empirical Applications of Investment Principles

Computing investment in the New Economy: US evidence

163

(18)

Investment and development: a cross-sectional analysis

181

(12)

Residential investment: bubbles and crashes in the UK housing market, 1980--99

193

(18)

Part V Conclusion

Concluding remarks

211

(6)

Notes

217

(4)

Glossary

221

(6)

Statistical appendix: some basic econometric techniques

227

(8)

Bibliography

235

(14)

Index

249

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Investment Theories and Analyses

Summary

Author Biography

Table of Contents

Supplemental Materials