Open Library logo
New Feature: You can now embed Open Library books on your website!   Learn More
Last edited by Open Library Bot
December 3, 2010 | History

Investment options and the business cycle 1 edition

Investment options and the business cycle
Boyan Jovanovic

No ebook available.


Prefer the physical book? Check nearby libraries with:


Buy this book

Add an ISBN in order to
link to booksellers


There's no description for this book yet. Can you add one?
There is only 1 edition record, so we'll show it here...  •  Add edition?

Investment options and the business cycle
Boyan Jovanovic.

Published 2007 by National Bureau of Economic Research in Cambridge, Mass .
Written in English.

About the Book

This paper extends Lucas (1978) to a production economy with two capital goods. It is an RBC model in which each unit of investment requires a new idea, an "option". When options are scarce, new capital is harder to put in place and the value of old capital rises. Thus the stock market and Tobin's Q are negative indexes of intangibles. During a boom, Q rises gradually, as options are used up. Because investment represents an exercise of options, it has an intertemporal substitution tradeoff that is absent in the adjustment-cost model. Equilibrium may be efficient even without markets for knowledge; the stock market may suffice.

Edition Notes

"August 2007"

Includes bibliographical references (p. 34-37).

Also available in PDF from the NBER world wide web site (www.nber.org).

Series
NBER working paper series -- no. 13307., Working paper series (National Bureau of Economic Research) -- working paper no. 13307.

The Physical Object

Pagination
48 p. :
Number of pages
48

ID Numbers

Open Library
OL17635094M
OCLC/WorldCat
166410707

History

Download catalog record: RDF / JSON
December 3, 2010 Edited by Open Library Bot Added subjects from MARC records.
December 10, 2009 Created by WorkBot add works page