영문목차
List of Tables=ix
Preface=xiii
List of Sources=xxiii
1. Capital Theory and Investment Behavior/Dale W. Jorgenson=1
1.1. Introduction=1
1.2. Summary of the Theory=2
1.3. Empirical Results=6
1.4. Structure of the Investment Process=12
2. Anticipations and Investment Behavior/Dale W. Jorgenson=17
2.1. Introduction=17
2.2. The Theory and Econometrics of Investment Behavior=25
2.3. Problems of Measurement=38
2.4. Tests of the Theory=42
2.5. Structure of the Investment Process=64
3. Rational Distributed Lag Functions/Dale W. Jorgenson=77
3.1. Introduction=77
3.2. Rational Distributed Lag Functions=80
3.3. Approximation=82
3.4. Estimation=86
4. The Time Structure of Investment Behavior in United States Manufacturing, 1947-1960/Dale W. Jorgenson;James A. Stephenson=95
4.1. Introduction=95
4.2. The Time Structure of Investment Behavior=97
4.3. Empirical Results=99
4.4. Summary and Conclusion=119
5. Investment Behavior in U.S. Manufacturing 1947-1960/Dale W. Jorgenson;James A. Stephenson=123
5.1. Introduction=123
5.2. Theory=128
5.3. Econometrics=136
5.4. Empirical Results=142
5.5. Further Results=170
5.6. Conclusion=176
5.7. Statistical Appendix=178
6. The Theory of Investment Behavior/Dale W. Jorgenson=181
6.1. Introduction=181
6.2. The Neoclassical Framework=186
6.3. Optimal Capital Accumulation=190
6.4. The Theory of Investment Behavior=197
6.5. Alternative Theories of Investment Behavior=202
7. A Comparison of Alternative Theories of Corporate Investment Behavior/Dale W. Jorgenson;Calvin D. Siebert=209
7.1. Framework of the Study=215
7.2. Measurement=220
7.3. Empirical Results=226
7.4. Conclusion=239
8. Optimal Capital Accumulation and Corporate Investment Behavior/Dale W. Jorgenson;Calvin D. Siebert=245
8.1. Introduction=245
8.2. Theoretical Framework=246
8.3. Empirical Results=251
8.4. Time Structure=268
8.5. Conclusion=276
9. Anticipations and Investment Behavior in U.S. Manufacturing, 1947-1960/Dale W. Jorgenson;James A. Stephenson=281
9.1. Introduction=281
9.2. Theory of the Investment Process=284
9.3. Empirical Results=291
9.4. Further Results=309
9.5. Summary and Conclusion=312
9.6. Statistical Appendix=313
10. A Comparison of Alternative Econometric Models of Quarterly Investment Behavior/Dale W. Jorgenson;Jerald Hunter;M. Ishag Nadiri=315
10.1. Introduction=315
10.2. Review of the Literature=318
10.3. Framework for the Study=328
10.4. Empirical Results=334
10.5. Comparison=337
10.6. Conclusion=341
11. The Predictive Performance of Econometric Models of Quarterly Investment Behavior/Dale W. Jorgenson;Jerald Hunter;M. Ishag Nadiri=345
11.1. Introduction=345
11.2. Predictive Testing=348
11.3. Empirical Results=353
11.4. Conclusion=356
12. Investment Behavior in U.S. Regulated Industries/Dale W. Jorgenson;Sidney S. Handel=359
12.1. Introduction=360
12.2. The Theory of Investment Behavior=361
12.3. Specification=365
12.4. Time Structure=376
12.5. Further Results=388
12.6. Anticipations and Investment Behavior=390
12.7. Further Results on Anticipations=400
12.8. Conclusion=404
Appendix=406
13. Econometric Studies of Investment Behavior: A Review/Dale W. Jorgenson=423
13.1. Introduction=423
13.2. Investment by Individual Firms=426
13.3. Investment by Industry Groups=432
13.4. Summary and Conclusion=450
References=479
Index=497
Preface=xv
List of Sources=xxxiii
1. Tax Policy and Investment Behavior/Robert E. Hall;Dale W. Jorgenson=1
1.1. Tax Policy and the Cost of Capital Services=2
1.2. Estimates of the Parameters of the Investment Function=8
1.3. The Effects of Tax Policy on Investment Behavior=15
1.4. Conclusion=23
2. Application of the Theory of Optimum Capital Accumulation/Robert E. Hall;Dale W. Jorgenson=27
2.1. Theory of Investment Behavior=29
2.2. Econometrics of Investment Behavior=39
2.3. Estimates of the Parameters of the Investment Functions=44
2.4. Impact of Tax Policy on Investment Behavior=58
2.5. Conclusion=73
3. Technology and Decision Rules in the Theory of Investment Behavior/Dale W. Jorgenson=77
3.2. Technology=79
3.3. Objective Function=83
3.4. Optimal Investment Policy=88
3.5. Decision Rules=91
4. The Economic Impact of Investment Incentives/Dale W. Jorgenson=101
4.1. Introduction=101
4.2. Postwar Investment Incentives in the United States=102
4.3. The Economic Analysis of Investment Incentives=104
4.4. Current Policy Alternatives=107
4.5. Direct Impact=110
4.6. Total Impact=114
4.7. Conclusion=121
Technical Appendix=121
5. The Economic Theory of Replacement and Depreciation/Dale W. Jorgenson=125
5.1. Introduction=125
5.2. Replacement=126
5.3. Depreciation=140
5.4. Form of the Replacement Distribution=146
5.5. Summary and Conclusion=154
6. Investment and Production: A Review/Dale W. Jorgenson=157
6.1. Introduction=157
6.2. Form of the Production Function: Cross Sections=161
6.3. Form of the Production Function: Time Series=165
6.4. Returns to Scale=170
6.5. Conclusion=175
7. The Investment Tax Credit and Counter-Cyclical Policy/Roger H. Gordon;Dale W. Jorgenson=181
7.1. Summary=181
7.2. Introduction=182
7.3. Impact of the Investment Tax Credit=184
7.4. Alternative Investment Tax Credits=192
7.5. Conclusion=208
Appendix A: The Investment Equation=209
Appendix B: Optimization Procedures=216
8. Inflation-Proof Depreciation of Assets/Alan J. Auerbach;Dale W. Jorgenson=223
8.1. The First-Year System ...=224
8.2. Administrative Aspects=226
8.3. ... Against Two Others=227
8.4. Future Economic Impact=229
8.5. A Better Way=231
Appendix=232
9. Inflation and Corporate Capital Recovery/Dale W. Jorgenson;Martin A. Sullivan=235
9.1. Introduction=235
9.2. Theoretical Framework=239
9.3. Empirical Implementation=242
9.4. Capital Recovery During the Postwar Period=258
9.5. Proposed Systems for Capital Recovery=271
9.6. Conclusions=283
Appendix=289
10. The Efficiency of Capital Allocation/Dale W. Jorgenson;Kun-Young Yun=299
10.1. Introduction=299
10.2. Technology and Preferences=301
10.3. General Equilibrium Model=310
10.4. Conclusion=318
Appendix: List of Instrumental Variables=319
11. Tax Policy and Capital Allocation/Dale W. Jorgenson;Kun-Young Yun=321
11.1. Introduction=321
11.2. Tax Policy=324
11.3. Technology and Preferences=332
11.4. General Equilibrium Model=340
11.5. Tax Reform=351
11.6. Conclusion=360
Appendix: List of Instrumental Variables=362
12. Tax Reform and U.S. Economic Growth/Dale W. Jorgenson;Kun-Young Yun=365
12.1. Introduction=365
12.2. Tax Reform=369
12.3. Effective Tax Rates=382
12.4. Economic Growth=395
12.5. Conclusion=407
13. The Excess Burden of Taxation in the U.S./Dale W. Jorgenson;Kun-Young Yun=411
13.1. Introduction=411
13.2. Analytical Framework=414
13.3. Efficiency Costs of Taxation=421
13.4. Conclusion=428
References=435
Index=457