Resumen de Private Productive Investment in Spain and the United States (1964-2007)
Óscar Dejuán Asenjo, Ana Rosa González Martínez
Private productive investment is, or should be, the key variable of any macroeconomic and growth model. Surprisingly enough, after a two-century long discussion, economists are far from reaching any theoretical agreement, while empirical studies do not confirm and, in fact, reject any particular model, although the best results are generally associated to those based on the acceleration principle. In this paper we estimate, using cointegration techniques, a model of capital accumulation whose independent variables are: (a) the expected rate of growth of the economy proxied by the past rate; (b) deviations of capacity utilization from its �normal� level; (c) deviations of the long-term real interest rate from its �conventional� rate. We examine the empirical evidence in Spain and the USA during the period 1964-2007. Econometric results support our �flexible accelerator� model of investment.
