of substitution between capital and labor less than one. This is inconsistent with the Uzawa Growth Theorem. We extend … Uzawa's theorem to show that the introduction of human capital accumulation in the standard way does not resolve the puzzle …. However, balanced growth is possible if schooling is endogenous and capital is more complementary with schooling than with raw …

The prospect of capital obsolescence inhibits investment. Investors thus become more optimistic when the obsolescence … of their capital slows down. We propose a model with no fixed costs of investment, and random technological progress that … induces obsolescence of capital in place. Spikes occur precisely when technological progress slows down. Moreover, the more …

The paper revisits Harper, Berndt and Wood (1989) and calculates Canadian reproducible capital services aggregates … under alternative assumptions about the form of depreciation, the opportunity cost of capital and the treatment of capital … (4) above. We consider 3 alternative assumptions about the interest rate and the treatment of capital gains so that we …

Capital reallocation is procyclical, despite measured productive reallocative opportunities being acyclical, or even … countercyclical. This paper reviews the advances in the literature studying the causes and consequences of capital reallocation (or … lack thereof). We provide a comprehensive set of capital reallocation stylized facts for the US, and an illustrative model …

We develop a forward-looking profit model to estimate the depreciation rates of business R&D capital. By using data …

We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. At least … 30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst …

. We characterize a class of environments in which the tax on labor goes to zero in the long run, while the tax on capital …

for capital. We find a negative cross-country correlation between the efficiency of unskilled labor and the efficiencies … of skilled labor and capital. We interpret this finding as evidence of the existence of a World Technology Frontier. On … skilled labor and capital. We estimate a model in which firms in each country optimally choose from a menu of technologies, i …

reallocation of capital across sectors is costly. The two-sector model leads to a richer array of possible responses of aggregate …