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01942cas a2200313 a 4500 |
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|c 5.00 USD
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|z 9781451947571
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Levy Yeyati, Eduardo.
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|a Investment in Inflationary Economies /
|c Eduardo Levy Yeyati.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1996.
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|a 1 online resource (32 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a The paper presents a model of irreversible investment under uncertainty, where investment takes place whenever a threshold level of marginal returns is reached. The threshold depends positively on price volatility; a change from high to low inflation induces an upward capital stock adjustment. In economies that move in and out of temporary stabilizations, the observed effect is a negative inflation-investment correlation that replicates previous empirical findings, due to purely short-term dynamics. I study how this correlation is affected by the expected duration of each regime. Empirical evidence from ten inflationary economies confirms the predictions of the model.
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|a Mode of access: Internet
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|a CPI Inflation Rates
|2 imf
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|a Inflation-Investment Relation
|2 imf
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|a Price Volatility
|2 imf
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|a Threshold Investment Decision Rule
|2 imf
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|a WP
|2 imf
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|a Argentina
|2 imf
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|a IMF Working Papers; Working Paper ;
|v No. 1996/105
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1996/105/001.1996.issue-105-en.xml
|z IMF e-Library
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