Interest Rates and Backward-Bending Investment
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This paper studies the effect of interest rates on investment in an environment where firms make irreversible investments and learn over time. In this setting, changes in the interest rate affect both the cost of capital and the cost of delaying investment. These two forces combine to generate an
本文研究了在企业进行不可逆投资且随时间不断学习的环境中，利率对投资的影响。在此设定下，利率变动会同时影响资本成本与延迟投资的成本。这两种作用力共同作用，生成了
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美国国家经济研究局创建时间：
2004-03-01
