Barriere di prezzo, vincoli di liquidità e investimento
di Enrico Saltari e Giuseppe Travaglini
Università di Urbino

ABSTRACT
In what follows we show that firm’s investment decisions are affected by liquidity constraints even when these constraints are not binding at the present time. This is because the forward looking firm expects that liquidity will become a constraint in the future. As a consequence, liquidity constraints not only affect current investment, but also exert a global effect on optimal firm’s investment policy. The main implicazion of this result is that satisfying the Euler equation does not mean that investment corresponds to that predicted by the null hypothesis of perfect capital markets. [Cod. JEL: E22, E51]