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Copyright © Cambridge Political Economy Society

research-article

Investment, finance and the business cycle: evidence from the Dutch manufacturing sector

Hans van Ees, Gerard H. Kuper and Elmer Sterken*

*University of Groningen The Netherlands

Abstract

In this paper we analyse the impact of profits on investment using data from the Dutch manufacturing sector in a simple Kaleckian investment model. Profits and capacity determine the level of investment. The empirical analysis of this ‘non-mainstream’ model confirms conclusions drawn in the context of financial accelerator models. The impact of profits on investment is countercyclical. Apparently, entrepreneurs use public capital markets primarily as a source of funds in booming periods.

Manuscript received March 20, 1995; final version received November 15, 1995.


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