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The views expressed in this paper are those of the author and do not necessarily reflect those of the Bank of England. The Bank of England's working paper series is externally refereed.
for helpful comments and conversations. I alone am responsible for the views expressed in the paper, which are not necessarily shared by other MPC members.
Evidence that cash flow has a significant effect on company investment spending, after controlling for Tobin's average Q, has often been interpreted as suggesting the importance of financing constraints. Recent work on measurement error in the Q model casts doubt on this interpretation. It is possible that the Q model may not be identified if there are… (More)
and an anonymous referee for helpful comments.
We are very grateful to Andrew Brigden for the work he did developing computer programs used in this paper. Comments from materially improved this paper. All remaining errors are ours alone. The views expressed in this paper are those of the authors and not necessarily those of the Bank of England.
The views expressed in this paper are those of the authors, and not necessarily those of the Bank of England. We would like to thank two anonymous referees for helpful comments and suggestions. Contents Abstract 5 Summary 7 1 Introduction 11 Capital wealth and capital services 11 Previous studies 12 Plan of the paper 13 2 Theory of capital measurement 14… (More)
We would like to thank the Bank of England, and Jens Larsen in particular, for help in compiling the data. We thank two anonymous referees, seminar participants at the Bank of England and the Money Macro Finance Conference, for helpful comments. We are specially indebted to Jordi Galí and Mark Gertler, who provided the foundations for our analysis and whose… (More)
Price and two anonymous referees for helpful comments and suggestions.
The views expressed are those of the authors and do not necessarily reflect those of the Bank of England. The authors are grateful to