Capital-Market Imperfections, Investment, and the Monetary Transmission Mechanism
Understanding the channels through which monetary policy affects economic variables has long been a key research topic in macroeconomics and a central element of economic policy analysis. At an operational level, a ‘tightening’ of monetary policy by a cen
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Springer-Verlag Berlin Heidelberg GmbH
Deutsche Bundesbank (Editor)
Investing Today
for the World of Tomorrow
Studies on the Investment Process in Europe With 40 Figures and 55 Tables
Springer
Editor Deutsche Bundesbank Wilhelm-Epstein-StraBe 14 60431 Frankfurt Germany
Library of Congress Cataloging-in-Publication Data applied for Die Deutsche Bibliothek - CIP-Einheitsaufnahme lnvesting today for the world of tomorrow: [studies on the investment process in Europe]; with 55 tables / Deutsche Bundesbank (ed.). - Berlin; Heidelberg; New York; Barcelona; Hong Kong; London; Milan; Paris; Singapore; Tokyo: Springer, 2001 ISBN 978-3-642-62523-7 ISBN 978-3-642-56601-1 (eBook) DOI 10.1007/978-3-642-56601-1 This work is subject to copyright. AII rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permis sion for use must always be obtained from Springer-Verlag. Violations are Iiable for prosecution under the German Copyright Law. © Springer-Verlag Berlin Heidelberg 2001 Originally published by Springer-Verlag Berlin Heidelberg New York in 2001 Softcover reprint of the hardcover 1st edition 2001
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Contents
Investing Today for the World of Tomorrow - a Summary Heinz Herrmann
1
1 Tax Policy and Capital Formation under the EMU: Perspectives on German Economic Policy Robert S. Chirinko 9 Discussion Alan J. Auerbach
38
Discussion Pierluigi Ciocca
43
2 Investment and Taxation in Germany - Evidence from Firm Level Panel Data Dietmar Harhoff and Fred Ramb 47
3
4
Discussion Bronwyn H. Hall
74
Discussion Elmar Stoss
79
Infrastructure Investment and Economic Activity: Theoretical Issues and International Evidence Helmut Seitz 85 Discussion Juha Tarkka
125
Uncertainty and Firm Level Investment in West Germany Hjalmar Bohm, Michael Funke and Nicolaus A. Siegfried
131
Discussion Andrew J. Hughes Hallett
152
Discussion Werner Roeger
162
VI 5
6
7
Contents Capital-Market Imperfections, Investment, and the Monetary Transmission Mechanism R. Glenn Hubbard 165 Discussion Vitor Gaspar
195
Discussion Jiirgen von Hagen
197
Corporate Governance and the Financing of Investment for Structural Change Martin Hellwig 201 Discussion Colin Mayer
221
Discussion Georg Rich
225
Firm Level Investment and R&D in France and the United States: A Comparison Benoit Mulkay, Bronwyn H. Hall and
