Panel Cointegration Estimates of the Effect of Interest Rates, Capital Goods Prices, and Taxes on the Capital Stock

摘要: The effect of interest rates, capital goods prices, and taxes on the stock is an issue central importance in economics, with implications for monetary policy, business cycle models, tax economic development, growth, other areas. For more than 30 years it has been difficult to obtain precise estimates these effects, there little consensus profession their magnitude, despite both theory policy. In this paper, we therefore turn panel data, specifically a newly constructed data set 50 firm-level detailed industry-specific rate, price investment goods, parameters. Using rich set, implement recently developed tests cointegration data. These allow us determine whether long-run Jorgensonian neoclassical, q, irreversibility, (s,S) theories are supported by same then use estimators assess quantitative stock.