2026-04-17T16:59:11Zhttps://recercat.cat/oai/request

oai:recercat.cat:10230/447342025-12-24T02:05:58Zcom_2072_6col_2072_452953

00925njm 22002777a 4500 dc Caggese, Andrea author Pérez-Orive, Ander author 2020-05-25T09:26:58Z 2020-05-25T09:26:58Z 2018-07-01 2020-05-25T09:25:50Z 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. intangible capital borrowing constraints capital reallocation secular stagnation Finance and Accounting Capital misallocation and secular stagnation