Monetary Policy And Intangible Investment
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Monetary Policy And Intangible Investment
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Author : Robin Döttling
language : en
Publisher:
Release Date : 2020
Monetary Policy And Intangible Investment written by Robin Döttling and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Macroeconomic Policy Product Market Competition And Growth The Intangible Investment Channel
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Author : Mr.JaeBin Ahn
language : en
Publisher: International Monetary Fund
Release Date : 2020-02-07
Macroeconomic Policy Product Market Competition And Growth The Intangible Investment Channel written by Mr.JaeBin Ahn and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-07 with Business & Economics categories.
While there is growing evidence of persistent or even permanent output losses from financial crises, the causes remain unclear. One candidate is intangible capital – a rising driver of economic growth that, being non-pledgeable as collateral, is vulnerable to financial frictions. By sheltering intangible investment from financial shocks, counter-cyclical macroeconomic policy could strengthen longer-term growth, particularly so where strong product market competition prevents firms from self-financing their investments through rents. Using a rich cross-country firm-level dataset and exploiting heterogeneity in firm-level exposure to the sharp and unforeseen tightening of credit conditions around September 2008, we find strong support for these theoretical predictions. The quantitative implications are large, highlighting a powerful stabilizing role for macroeconomic policy through the intangible investment channel, and its complementarity with pro-competition product market deregulation.
Intangible Investment And Low Inflation A Framework And Some Evidence
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Author : Subir Lall
language : en
Publisher:
Release Date : 2020-09-18
Intangible Investment And Low Inflation A Framework And Some Evidence written by Subir Lall and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-18 with categories.
Intangible investment is growing as a share of economic activity. We present a simple framework incorporating its distinguishing characteristic of generally greater scalability and lower marginal costs than tangible investment. We show evidence that this may have contributed to more elastic aggregate supply in recent years, which is consistent with lower inflation and a flattening of the Phillips curve. This framework also highlights the channels through which technological change, a large constituent of intangible investment, may be leading to wage stagnation and greater market concentration.
Restarting The Future
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Author : Jonathan Haskel
language : en
Publisher: Princeton University Press
Release Date : 2023-10-03
Restarting The Future written by Jonathan Haskel and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-03 with Business & Economics categories.
From the acclaimed authors of Capitalism without Capital, radical ideas for restoring prosperity in today’s intangible economy The past two decades have witnessed sluggish economic growth, mounting inequality, dysfunctional competition, and a host of other ills that have left people wondering what has happened to the future they were promised. Restarting the Future reveals how these problems arise from a failure to develop the institutions demanded by an economy now reliant on intangible capital such as ideas, relationships, brands, and knowledge. In this groundbreaking and provocative book, Jonathan Haskel and Stian Westlake argue that the great economic disappointment of the century is the result of an incomplete transition from an economy based on physical capital, and show how the vital institutions that underpin our economy remain geared to an outmoded way of doing business. The growth of intangible investment has slowed significantly in recent years, making the world poorer, less fair, and more vulnerable to existential threats. Haskel and Westlake present exciting new ideas to help us catch up with the intangible revolution, offering a road map for how to finance businesses, improve our cities, fund more science and research, reform monetary policy, and reshape intellectual property rules for the better. Drawing on Haskel and Westlake’s experience at the forefront of finance and economic policymaking, Restarting the Future sets out a host of radical but practical solutions that can lead us into the future.
Capitalism Without Capital
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Author : Jonathan Haskel
language : en
Publisher: Princeton University Press
Release Date : 2018-10-16
Capitalism Without Capital written by Jonathan Haskel and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-16 with Business & Economics categories.
Early in the twenty-first century, a quiet revolution occurred. For the first time, the major developed economies began to invest more in intangible assets, like design, branding, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success. But this is not just a familiar story of the so-called new economy. Capitalism without Capital shows that the growing importance of intangible assets has also played a role in some of the larger economic changes of the past decade, including the growth in economic inequality and the stagnation of productivity. Jonathan Haskel and Stian Westlake explore the unusual economic characteristics of intangible investment and discuss how an economy rich in intangibles is fundamentally different from one based on tangibles. Capitalism without Capital concludes by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies.
The Financing Of Ideas And The Great Deviation
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Author : Daniel Garcia-Macia
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-31
The Financing Of Ideas And The Great Deviation written by Daniel Garcia-Macia and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-31 with Business & Economics categories.
Why did the Great Recession lead to such a slow recovery? I build a model where heterogeneous firms invest in physical and intangible capital, and can default on their debt. In case of default, intangible assets are harder to seize by creditors. Hence, intangible capital faces higher financing costs. This differential is exacerbated in a financial crisis, when default is more likely and aggregate risk bears a higher premium. The resulting fall in intangible investment amplifies the crisis, and gradual intangible spillovers to other firms contribute to its persistence. Using panel data on Spanish manufacturing firms, I estimate the model matching firm-level moments regarding intangibles and financing. The model captures the extent and components of the Great Recession in Spanish manufacturing, whereas a standard model without endogenous intangible investment would miss more than half of the GDP fall. A policy of transfers conditional on firm age could speed up the recovery, as young firms tend to be more financially constrained, particularly regarding intangible investment. Conditioning transfers on firm size or subsidizing credit (as in current E.U. policy) appears to be less effective.
Feminism And Anti Feminism In Early Economic Thought
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Author : The late Michèle A. Pujol
language : en
Publisher: Edward Elgar Publishing
Release Date : 1999-05-26
Feminism And Anti Feminism In Early Economic Thought written by The late Michèle A. Pujol and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-05-26 with Social Science categories.
'I had the privilege and pleasure of supervising the Ph.D. dissertation from which the present book originated. Its author, Beth Webster, was independent, critical in a positive way and original. She acquired a most thorough knowledge and mastery of the relevant literature. She recognized early on the growing importance, both qualitatively and quantitatively, of investment in intangible assets in modern economic processes. She set about developing an appropriate framework, drawing on Kalecki's insights in particular, within which to analyse the issues involved. The outcome is the present book - which is original, relevant, comprehensive and a pleasure to read.' - G.C. Harcourt, University of New South Wales, Australia
The Tax Adjusted Q Model With Intangible Assets Theory And Evidence From Temporary Investment Tax Incentives
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Author : Sophia Chen
language : en
Publisher: International Monetary Fund
Release Date : 2014-06-12
The Tax Adjusted Q Model With Intangible Assets Theory And Evidence From Temporary Investment Tax Incentives written by Sophia Chen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-12 with Business & Economics categories.
We propose a tax-adjusted q model with physical and intangible assets and estimate it with a self-collected comprehensive database of intangible assets. The presence of intangibles changes the accounting and economic measures of q. We show that when tax changes are temporary, the q model can be estimated by adjusting for the firm’s intangible stock and intangible intensity. We estimate our model using temporary investment tax incentive policies in the United States in the early 2000s. When the q-model accounts for intangible assets, the estimated investment elasticity to tax incentives is generally larger than otherwise. It is also larger for intangible-intensive firms, and increases with firm size.
Intangible Capital And Economic Growth
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Author : Carol Corrado
language : en
Publisher:
Release Date : 2006
Intangible Capital And Economic Growth written by Carol Corrado and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Economic development categories.
Published macroeconomic data traditionally exclude most intangible investment from measured GDP. This situation is beginning to change, but our estimates suggest that as much as $800 billion is still excluded from U.S. published data (as of 2003), and that this leads to the exclusion of more than $3 trillion of business intangible capital stock. To assess the importance of this omission, we add capital to the standard sources-of-growth framework used by the BLS, and find that the inclusion of our list of intangible assets makes a significant difference in the observed patterns of U.S. economic growth. The rate of change of output per worker increases more rapidly when intangibles are counted as capital, and capital deepening becomes the unambiguously dominant source of growth in labor productivity. The role of multifactor productivity is correspondingly diminished, and labor's income share is found to have decreased significantly over the last 50 years.
Measuring Capital In The New Economy
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Author : Carol Corrado
language : en
Publisher: University of Chicago Press
Release Date : 2009-02-15
Measuring Capital In The New Economy written by Carol Corrado and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-02-15 with Business & Economics categories.
As the accelerated technological advances of the past two decades continue to reshape the United States' economy, intangible assets and high-technology investments are taking larger roles. These developments have raised a number of concerns, such as: how do we measure intangible assets? Are we accurately appraising newer, high-technology capital? The answers to these questions have broad implications for the assessment of the economy's growth over the long term, for the pace of technological advancement in the economy, and for estimates of the nation's wealth. In Measuring Capital in the New Economy, Carol Corrado, John Haltiwanger, Daniel Sichel, and a host of distinguished collaborators offer new approaches for measuring capital in an economy that is increasingly dominated by high-technology capital and intangible assets. As the contributors show, high-tech capital and intangible assets affect the economy in ways that are notoriously difficult to appraise. In this detailed and thorough analysis of the problem and its solutions, the contributors study the nature of these relationships and provide guidance as to what factors should be included in calculations of different types of capital for economists, policymakers, and the financial and accounting communities alike.