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Tax Neutrality and Intangible Capital
Fullerton, Don - 2010
Many studies measure capital stocks and effective tax rates for different industries, but they consider only tangible assets such as equipment, structures, inventories, and land. Some of these studies also have estimated that the welfare cost of tax differences among these assets under prior law...
Persistent link: https://www.econbiz.de/10012760243
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Measuring Intangible Capital with Market Prices
Ewens, Michael - 2019
Existing standards prohibit disclosures of internally created intangible capital to firm balance sheets, resulting in a downward bias of reported assets. To characterize off-balance sheet intangible assets, we use transaction prices to estimate this missing intangible capital. On average, our...
Persistent link: https://www.econbiz.de/10012868198
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A Graph Theoretic Approach to Markets for Indivisible Goods
Caplin, Andrew - 2010
Many important markets, such as the housing market, involve goods that are both indivisible and of budgetary significance. We introduce new graph theoretic techniques ideally suited to analyzing such markets. In this paper and its companion (Caplin and Leahy [2010]), we use these techniques to...
Persistent link: https://www.econbiz.de/10013139034
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A New Approach to the Valuation of Intangible Capital
Cummins, Jason G. - 2012
In this paper, I argue that intangible capital is not a distinct input to production like physical capital or labor but rather it is the glue that creates value from other inputs. This perspective naturally leads to an empirical model in which intangible capital is defined in terms of adjustment...
Persistent link: https://www.econbiz.de/10013102059
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Measuring the Location of Production in a World of Intangible Productive Assets, FDI, and Intrafirm Trade
Lipsey, Robert E. - 2010
As production comes to depend more on intangible productive assets, the location of production by multinational firms becomes increasingly ambiguous. The reason is that, within the firm, these assets have no clear geographical location, but only a nominal location determined by the firm's tax or...
Persistent link: https://www.econbiz.de/10012759116
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Intangible Capital and Economic Growth
Corrado, Carol A. - 2010
Published macroeconomic data traditionally exclude most intangible investment from measured GDP. This situation is beginning to change, but our estimates suggest that as much as $800 billion is still excluded from U.S. published data (as of 2003), and that this leads to the exclusion of more...
Persistent link: https://www.econbiz.de/10012761773
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Unmeasured Investment and the Puzzling U.S. Boom in the 1990s
McGrattan, Ellen R. - 2015
goods and find that the 1990s are not puzzling in light of this new theory. There is compelling micro and macro evidence for … our extension, and the predictions of the theory are in conformity with U.S. national products, incomes, and capital gains …. We use the theory to compare current accounting measures for labor productivity and investment with the corresponding …
Persistent link: https://www.econbiz.de/10012750319
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Intangible Capital and Measured Productivity
McGrattan, Ellen - 2017
Because firms invest heavily in R&D, software, brands, and other intangible assets—at a rate close to that of tangible assets—changes in measured GDP, which does not include all intangible investments, understate the actual changes in total output. If changes in the labor input are more...
Persistent link: https://www.econbiz.de/10012960781
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Accounting for Macro-Finance Trends : Market Power, Intangibles, and Risk Premia
Farhi, Emmanuel - 2018
Real risk-free interest rates have trended down over the past 30 years. Puzzlingly in light of this decline, (1) the return on private capital has remained stable or even increased, creating an increasing wedge with safe interest rates; (2) stock market valuation ratios have increased only...
Persistent link: https://www.econbiz.de/10012907462
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Understanding Weak Capital Investment : The Role of Market Concentration and Intangibles
Crouzet, Nicolas - 2019
We document that the rise of factors such as software, intellectual property, brand, and innovative business processes, collectively known as “intangible capital” can explain much of the weakness in physical capital investment since 2000. Moreover, intangibles have distinct economic features...
Persistent link: https://www.econbiz.de/10012869542