productivity growth relative to technology growth in the first part of the expansion, but lowered it subsequently. Factor … adjustment leads to a steady-state understatement of technology growth by measured productivity growth. The understatement was …Measured productivity growth increased substantially during the second half of the 1990s. This paper examines whether …

Intangible capital is an important factor of production in modern economies that is generally neglected in business … cycle analyses. We demonstrate that intangible capital can have a substantial impact on business cycle dynamics, especially … if the intangible is complementary with production capacity. We focus on customer capital: the capital embodied in the …

This paper examines the role of credit market competition in the dynamic of capital accumulation. It is shown that the … capital accumulation. In contrast, monopoly power in banking can be beneficial for growth. A monopolist bank may lower the …

source of capital contributions if the firm is in financial distress. The terms of such capital infusions, codified as the … contribute capital to the distressed firm, creditors allow him to retain some residual value (i.e. APR is violated) in order to … create the appropriate incentives for the manager to exert effort. In this setting, we then examine the role of capital …