The Role of the Discount Rate in Investment and Employment Decisions
研究发现贴现率随时间变化会影响企业的投资和就业决策，且这种影响符合Q理论预测，表明企业会理性应对资本成本变化，贴现率对宏观经济波动有显著作用。
Abstract Time variation in the discount rate affects investment and employment decisions in a manner consistent with Q -theory predictions. This evidence is uncovered when using cyclical consumption as a proxy for the discount rate. The results, which are consistent across both U.S. and international data, suggest that firms respond rationally to variations in the cost of capital and that the discount rate has a substantial impact on macroeconomic dynamics and hence business cycle fluctuations.