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- W1998562422 abstract "Numerous empirical studies have been undertaken in order to determine those factors that influence manufacturing investment in fixed capital (see Jorgenson, 1971). Most multi-industry studies employ quarterly data for a dozen or more two-digit industry groups. Results consistent across industries are difficult to achieve on account of the wide range of alternative specifications and selection of the best fitting among them. Comparison of results from different studies is further complicated by the use of different time periods, data sources, lag structures, and so on, or by the absence of a post-data model evaluation. Systematic comparisons are found in only a relative handful of empirical studies (see Jorgenson, Hunter, and Nadiri, 1970a, 1970b). This paper presents results for several alternative econometric models of investment in the U.S. iron and steel industry. Two general specifications are dealt with here: first, a nonlinear-neoclassical (N-N) model incorporating a constant elasticity of substitution (CES) production function and, second, a linear-neoclassical (L-N) model incorporating a liquidity variable and a non-specific production function. The empirical results provide a means of discriminating among competing hypotheses on the basis of their performance. However, we avoid unlimited data mining and, consequently, do not explore every possible specification for each model. The paper is divided into three sections. The first section discusses the investment models and presents empirical results based on quarterly data for the period 1960-73. Section II presents forecasts for 1974-76, and section III summarizes the main results from the study and comments on the investment function controversy. Data sources and variable definitions are contained in the appendix. I. The Investment Models and Empirical Results" @default.
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- W1998562422 date "1980-02-01" @default.
- W1998562422 modified "2023-10-14" @default.
- W1998562422 title "A Comparison of Alternative Econometric Models of Iron and Steel Investment Behavior" @default.
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- W1998562422 doi "https://doi.org/10.2307/1924279" @default.
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