Capital misallocation and secular stagnation
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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.date.modified 2020-05-25T09:25:50Z
- 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.identifier https://econ-papers.upf.edu/ca/paper.php?id=1637
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/44734
- 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.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- 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.title Capital misallocation and secular stagnation
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper