Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/220174 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Discussion Paper No. 85
Verlag: 
Institute for Applied Economic Research (ipea), Brasília
Zusammenfassung: 
In this paper I assess empirically the sign of the uncertainty-investment relation in Brazil within a quadratic adjustment cost model. It is shown that these variables are negatively related in the Brazilian economy. The implication is that investment can be enlarged with the adoption of a sustainable macroeconomic policy that rules out uncertainty-yielding shocks, like huge devaluation in domestic currency, or defaults in internal and external debts. I also propose a method for estimating the quadratic adjustment cost model when the endogenous variable is I(2) and the forcing variables are I(1). As long as capital stock is typically an I(2) variable, the econometric insight seems particularly suited for models of investment.
Dokumentart: 
Working Paper

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