Devaluation, Profitability and Investment
研究在工资粘性和前瞻性投资行为下，货币贬值如何影响盈利能力、投资和经济活动，发现贬值会引发投资率周期，长期实际变量不受影响。
The role of devaluation in stimulating profitability, investment, and ec onomic activity is studied in a model characterized by forward-lookin g investment behavior and wage contracts that provide an element of s hort-term nominal wage rigidity. The analysis shows that, in the case where the real wage is restored through a post-devaluation negotiati on, devaluation leads to a cycle in the optimal investment rate and p ossibly also in the behavior of output. The trade-balance effect is u ncertain in the short run because devaluation increases both saving a nd investment. In the long run, all real variables are unaffected by devaluation. Copyright 1988 by The editors of the Scandinavian Journal of Economics.