A key factor in the economic turnaround in the third quarter of 2003 was the resurgence in business fixed investment, particularly in equipment and software. That component of spending seems set to  1  I thank Charles Struckmeyer, Jeremy Rudd, Jonathan Pingle, and other members of the Board staff for assistance.
10 See Barbiero, F., Popov, A. and Wolski, M. (2018), “Debt overhang and investment efficiency”, Working Paper  Series, ECB, forthcoming; Kalemli-Ozcan, S., Laeven, L. and Moreno, D. N. (2018), “Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis”, NBER Working Paper 24555; Gebauer, Setzer, Westphal (2018), Journal of International Money and Finance.