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This paper analyzes the implications of tax policy for the accumulation of human and physical capital and for the overall productivity level of the economy. A comprehensive income tax, applying to both labour income and capital income. discriminates against investments in human capital relative...
Persistent link: https://www.econbiz.de/10012475500
What quantitative lessons can we learn from models of endogenous technical change through innovative investments by firms for the impact of changes in the economic environment on the dynamics of aggregate productivity in the short, medium, and long run? We present a unifying model that nests a...
Persistent link: https://www.econbiz.de/10012480972
volume of investment. Its application to the United States economy and the economies of other major OECD nations suggests …
Persistent link: https://www.econbiz.de/10012476972
consumption, investment and international growth models, we provide a consistent synthesis. Our framework permits the analysis of …
Persistent link: https://www.econbiz.de/10012478561
neoclassical growth model. Investment rates and total factor productivity start out low and rise over time. These model dynamics … distribution, which support the aggregate and micro-level implications of our theory …
Persistent link: https://www.econbiz.de/10012462256
. We use the theory to compare current accounting measures for labor productivity and investment with the corresponding … by introducing intangible investment and non-neutral technology change with respect to producing intangible investment … goods and find that the 1990s are not puzzling in light of this new theory. There is compelling micro and macro evidence for …
Persistent link: https://www.econbiz.de/10012465147
We formulate a version of the growth model in which production is carried out by heterogeneous plants and calibrate it to US data. In the context of this model we argue that differences in the allocation of resources across heterogeneous plants may be an important factor in accounting for...
Persistent link: https://www.econbiz.de/10012465637
since the 1950s. Growth accelerations tend to be correlated with increases in investment and trade, and with real exchange …
Persistent link: https://www.econbiz.de/10012468127
Persistent link: https://www.econbiz.de/10012470066
The Modified Golden Rule, which relates the rate of return on capital and the growth rate of the capital stock along long-run growth paths that maximize the utility of a representative infinitely-lived consumer, is invariant to the introduction of convex capital adjustment costs. Therefore,...
Persistent link: https://www.econbiz.de/10012470081