Exchange Rates and Investment in United States Industry

Linda S. Goldberg

223 citations0/0 files storedThe Review of Economics and Statistics

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic Theory and Policy

Abstract

The path of the dollar has significantly influenced investment activity in U.S. industry. The effects of both exchange-rate levels and exchange-rate volatility have been more pronounced in the 1980s than in the 1970s. Although aggregate investment data mask some of these relationships, the effects of exchange rates on investment are most pronounced in the disaggregate data for manufacturing durable goods sectors and nonmanufacturing sectors. These relationships also have changed over time. In contrast to the conventional wisdom, in the 1980s real dollar depreciations (appreciations) were likely to be associated with investment contractions (expansions). Copyright 1993 by MIT Press.

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References

1989Entry and Exit Decisions under Uncertainty 1991Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach 1986Irreversible Investment, Capacity Choice and the Value of the Firm 1983Optimal Investment under Uncertainty.1989Persistent Trade Effects of Large Exchange Rate Shocks 1972The effects of price and cost uncertainty on investment 1978The effect of exchange rate uncertainty on the prices and volume of international trade 1991On the Sign of the Investment-Uncertainty Relationship

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