2026-04-14T05:09:32Zhttps://recercat.cat/oai/requestoai:recercat.cat:10230/447342025-12-24T02:05:58Zcom_2072_6col_2072_452953
RECERCAT
author
Caggese, Andrea
author
Pérez-Orive, Ander
2020-05-25T09:26:58Z2020-05-25T09:26:58Z2018-07-012020-05-25T09:25:50Z
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.
L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons http://creativecommons.org/licenses/by-nc-nd/3.0/es/ info:eu-repo/semantics/openAccess
intangible capital
borrowing constraints
capital reallocation
secular stagnation
Finance and Accounting
Capital misallocation and secular stagnation
info:eu-repo/semantics/workingPaper