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dc.contributor.author Caggese, Andrea
dc.contributor.author Pérez-Orive, Ander
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.accessioned 2020-05-25T09:26:58Z
dc.date.available 2020-05-25T09:26:58Z
dc.date.issued 2018-07-01
dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1637
dc.identifier.citation
dc.identifier.uri http://hdl.handle.net/10230/44734
dc.description.abstract The widespread emergence of intangible technologies in recent decades may have significantly hurt output growth even when these technologies replaced considerably less productive tangible technologies because of low interest rates. After a shift toward intangible capital in production, the corporate sector becomes a net saver because intangible capital has a low collateral value. Firms ability to purchase intangible capital is impaired by low interest rates because low rates slow down the accumulation of savings and increase the price of capital, worsening capital misallocation. Our model simulations reproduce key trends in the U.S. in the period from 1980 to 2015.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 1637
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title Capital misallocation and secular stagnation
dc.title.alternative
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2020-05-25T09:25:50Z
dc.subject.keyword intangible capital
dc.subject.keyword borrowing constraints
dc.subject.keyword capital reallocation
dc.subject.keyword secular stagnation
dc.subject.keyword Finance and Accounting
dc.rights.accessRights info:eu-repo/semantics/openAccess

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