von Kalckreuth, Ulf; Chirinko, Robert S.; Breitung, Jörg - Deutsche Bundesbank - 2003
This paper proposes a new framework for studying the effects of monetary policy on business investment. Important … and sales growth as additional explanatory variables. We report four substantive findings. First, monetary policy matters … financial decisions to interact raises the impact of monetary policy by one-third relative to simulations of an investment …