Desarrollo y contraste de un modelo de inversión dinámico incluyendo las imperfecciones del mercado

Abstract

In this work, we contrast a dynamic investment model base on Euler Equation for the industrial sector of the USA Economy. The time stage choose from 1984 to 2012, we took 22 signs that had enough time to build consist data panel. Theeconometric way of estimation, was the generalized moments method used for Arellano and Bond for dynamic models with data panel. The used software was Stata. When include the financing restrictions to the dynamic investment model, like FCF (Free Cash Flow) and the investment debt. We find the restrictions implications behavior, that they affect the investment and the adequate way in estimators signs with the theory. In the FCF case the coefficient signs estimated for sales and invest in the last period was positive and for the weight of the enterprises and invest square was negative. The theory and empiric was consistent.