Interest Rates, Irreversibility, and Backward-Bending Investment
研究利率如何影响企业不可逆投资，发现利率上升可能通过提高延迟成本来刺激投资，导致投资需求曲线向后弯曲。
This paper studies the effect of interest rates on investment in an environment where firms make irreversible investments with uncertain pay-offs. In this setting, changes in the interest rate affect both the cost of capital and the cost of delaying investment to acquire information. These two forces combine to generate an aggregate investment demand curve that is a backward-bending function of the interest rate. At low rates, increasing the interest rate raises investment by increasing the cost of delay. Copyright 2007, Wiley-Blackwell.