facts. I introduce working capital into this model, which generates liquidity need for labour payments. The main result is …

phenomenon. The author analyzes the role of capital market imperfections in the determination of the distribution of national … credit and labour market imperfections on factor shares. Simulations indicate that improvements in capital markets can …

fraction of university graduates and a similar increase in skill biased technological change based on capital …. (2000) model, the paper finds that the cross country difference is in equal proportion due to the effective stock of capital …

Financial crises in emerging economies in the 1980s and 1990s often entailed abrupt declines in foreign capital inflows … borrowing constraints lead firms to reduce investment and production, which in turn results in some firms holding capital stock … disproportionate to their productivity levels. This disrupts the optimal allocation of capital across firms, and generates an …

The author studies the effects of capital reallocation (the flow of productive capital across firms and establishments … mainly through changes in ownership) on aggregate labour productivity. Capital reallocation is an important activity in the … author develops a dynamic model of capital reallocation and compares its predictions with U.S. data. In the model, limited …

This paper studies the capital accumulation and welfare implications of reducing capital income taxation in a general …-accumulation of capital may result compared to the complete markets economy. We show that reducing somewhat the capital income tax … rate increases the capital stock and leads to a welfare gain. The complete elimination of the capital income tax, however …

financial markets, capital spending, and ultimately aggregate levels of economic activity. Recent theoretical developments have …