We contrast how monetary policy affects intangible relative to tangible investment. We document that the stock prices … total investment in firms with more intangible assets responds less to monetary policy, and that intangible investment … responds less to monetary policy compared to tangible investment. We identify two mechanisms behind these results. First, firms …

In this paper, we first introduce investment-specific technology (IST) shocks to an otherwise standard international … the relative price of investment to build and estimate these IST processes across the U.S and a ""rest of the world …

Intangible investment is growing as a share of economic activity. We present a simple framework incorporating its … distinguishing characteristic of generally greater scalability and lower marginal costs than tangible investment. We show evidence … large constituent of intangible investment, may be leading to wage stagnation and greater market concentration …

story that many ignore or claim it cannot be replicated. Using a theory and empirical evidence, we argue that one can learn …