Do shocks to government spending raise or lower consumption and real wages? Standard VAR identification approaches show … difference in the approaches is the timing. Both professional forecasts and the narrative approach shocks Granger-cause the VAR … shocks, implying that the VAR shocks are missing the timing of the news. Simulations from a standard neoclassical model in …

prior year's performance, but for reasons outside of q-theory---it does so by including a fundamental momentum factor, i …

ability to generate new growth options. This simple theory predicts that Tobin's q falls with age. Further, competition in the …

's q theory of investment. As Tobin has explained, aggregate investment can be expected to depend in a stable way on q, the … is that it is rooted in a microeconomic theory that integrates the interests of the corporation and its shareholders …

The Q-theory of investment says that a firm's investment rate should rise with its Q. We argue here that this theory …