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December 3, 2010 | History

Investment options and the business cycle 1 edition

Investment options and the business cycle
Boyan Jovanovic

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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 Created December 10, 2009 · 2 revisions 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