论货币利率与总投资支出之间的关系

IF 1 4区经济学 Q3 ECONOMICS

Review of Radical Political Economics Pub Date : 2023-11-22 DOI:10.1177/04866134231207912

Vedit İnal

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引用次数: 0

摘要

细心的观察家在资本理论争论之前就已经指出，投资需求与利率成反比在理论上是站不住脚的。这意味着，新古典投资理论无法解释显示总投资支出与利率之间负相关的微弱经验证据。假定采用短期框架，并专注于 "资金来源和使用账户"，本文表明，这两个变量之间的反向关系并非源于投资需求函数，而是源于投资支出的融资能力。这种解释只在短期内有效。从长期来看，总投资支出可能会随着利率的变化而上升、下降或保持不变。JEL 分类：B51、E11、E22、G31

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On the Relationship between the Money Rate of Interest and Aggregate Investment Spending

Careful observers had already pointed out before the capital theory controversies that an investment demand schedule inversely responsive to the rate of interest is theoretically untenable. This implies that the weak empirical evidence showing the negative relation between aggregate investment spending and the rate of interest cannot be explained via the neoclassical investment theory. Assuming a short-run framework and concentrating on the “Sources and Uses of Funds Account,” it is shown here that the inverse relationship between the two variables derives, not from the investment demand function, but from the ability to finance investment spending. The explanation is valid only in the short run. In the long run, aggregate investment spending may rise, fall, or remain constant in response to a change in the rate of interest. JEL Classification: B51, E11, E22, G31

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来源期刊

Review of Radical Political Economics ECONOMICS-

CiteScore

2.50

自引率

7.70%

发文量

期刊介绍： The Review of Radical Political Economics (RRPE) promotes critical inquiry into all areas of economic, social, and political reality. As the journal of the Union for Radical Political Economics, RRPE publishes innovative research in political economy broadly defined including, but not confined to, Marxian economies, post-Keynesian economics, Sraffian economics, feminist economics, and radical institutional economics. We are actively seeking submissions concerned with policy, history of thought, and economics and the environment. RRPE reflects an interdisciplinary approach to the study, development, and application of radical political economic analysis to social problems.