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Mr. R. G Gelos and Mr. Alberto Isgut
This paper examines capital adjustment patterns using two large and largely novel data sets from the manufacturing sectors of Colombia and Mexico. The findings show that investment patterns in these countries resemble those reported for the United States to a surprising extent. Capital adjustments beyond maintenance investment occur only rarely, but large spikes account for a significant fraction of total investment. Although duration models do not provide strong evidence for the presence of substantial fixed costs, nonparametric adjustment function estimates reveal the presence of irreversibilities in investment. These irreversibilities are important for understanding aggregate investment behavior.
International Monetary Fund
This paper examines the development of general government finances in Norway during 1988–96. The paper looks at general government revenue and expenditure in detail, examines the importance of revenue from the petroleum sector for general government finances, and reviews developments in the general government balance sheet. The paper also analyzes the conduct of fiscal policy over 1988–96, and compares the development of the authorities’ estimates of the state budget’s fiscal impulse with the development of the IMF staff’s estimates of changes in the non-petroleum, general government structural balance.