This paper investigates the role of demand in the productive investment evolution in the Brazilian economy. First, it assesses the long-run relationship between the investment rate and GDP growth, taking annual data from 1962 to 2015. The paper then constructs a ‘final demand’ index and estimates its impact on the productive investment growth rate, taking quarterly data from 1996Q1 to 2017Q2, highlighting a shift in the aftermath of the 2008 global financial crisis. The results support two hypotheses of the supermultiplier model of Freitas and Serrano (2015) and Serrano et al. (2017) for the Brazilian economy: (i) non-capacity-creating expenditures lead productive investment; and (ii) there is a very slow adjustment of the investment rate to demand growth, as described by the flexible accelerator process. Classification†JEL: O11, B51, E22, N16

中文翻译：

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超级乘数模型中的投资率、增长和加速器效应：以巴西为例

本文研究了需求在巴西经济生产性投资演变中的作用。首先，它评估了投资率与 GDP 增长之间的长期关系，采用了 1962 年至 2015 年的年度数据。然后，本文构建了一个“最终需求”指数，并估计了其对生产性投资增长率的影响，取1996 年第一季度至 2017 年第二季度的季度数据，突显了 2008 年全球金融危机后的转变。结果支持 Freitas 和 Serrano (2015) 以及 Serrano 等人的超乘数模型的两个假设。（2017 年）对于巴西经济：(i) 非产能创造支出引领生产性投资；(ii) 投资率对需求增长的调整非常缓慢，正如灵活的加速器过程所描述的那样。分类 - JEL：O11、B51、E22、