Evidence on the role of cash flow for investment Gilchrist, Simon; Himmelberg, Charles P

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Gilchrist, Simon ; Himmelberg, Charles P
Appears In
Journal of Monetary Economics
Investments - Mathematical models.; Cash flow -- Research; Investments -- Research
Academic; Trade
Previous research has posited the view that fluctuations in business cycles may be caused by capital market imperfections that propagate relatively modest shocks. However, evidence of the existence of this mechanism, termed the 'financial accelerator,' is viewed with skepticism since cash flow is not only an important predictor of investment but also a good indicator of investment opportunities. A framework that supports the existence of a financial accelerator is presented.
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