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Autor:innen: 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 26/2017
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
The empirical performance of the Q theory of investment can be significantly improved by simultaneously considering the time- and the frequency-varying features of the investment-Q relationship. Using continuous wavelet tools, I assess the investment-Q sensitivity at different frequencies and its evolution over time, as well as the interaction of the financial cycle with the Q theory. The results show that there is a positive, stable medium-to-long-run relationship between investment and Q that begins after a positive, stable long-run relationship between credit and Q materializes. In such case, credit leads and slowly fuels the stock price boom.
JEL: 
C49
E22
G31
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-323-185-6
Dokumentart: 
Working Paper

Datei(en):
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