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01721cas a2200241 a 4500 |
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|c 5.00 USD
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|z 9781451842593
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|a 1018-5941
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|c BD-DhAAL
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|a Koeva Brooks, Petya.
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|a Time-To-Build and Convex Adjustment Costs /
|c Petya Koeva Brooks.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2001.
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|a 1 online resource (23 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 This paper incorporates time-to-build into the standard investment model with convex adjustment costs. The empirical Euler equation is estimated using a U.S. firm-level panel from Compustat. In spite of the introduction of time-to-build, the magnitude of the implied adjustment costs is unrealistically high. Exploiting another approach, I test directly the restrictions imposed by time-to-build on the investment equation. The results indicate that these restrictions cannot be rejected for five of the sixteen industries in the sample. Finally I show that time-to-build can explain approximately one-third of the variation in persistence of structure investment across four-digit industries.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2001/009
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2001/009/001.2001.issue-009-en.xml
|z IMF e-Library
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