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Japan's Intangible Capital and Valuation of Corporations in a Neoclassical Framework

Arato, Hiroki; Yamada, Katsunori - In: Review of Economic Dynamics 15 (2012) 4, pp. 459-478

neglected intangible capital. We also show that the Japanese ratio of the amount of intangible capital stock to the amount of … tangible capital stock is comparable to the analogous ratios for the U.S. and U.K. (Copyright: Elsevier) …

Persistent link: https://www.econbiz.de/10009392976

The Structural Transformation Between Manufacturing and Services and the Decline in the US GDP Volatility

Moro, Alessio - In: Review of Economic Dynamics 15 (2012) 3, pp. 402-415

I construct a two-sector growth model to study the effect of the structural transformation between manufacturing and services on the decline in GDP volatility in the US. In the model, a change in the relative size of the two sectors affects the transmission mechanism that relates sectoral TFP...

Persistent link: https://www.econbiz.de/10009319227

Investment-Specific Technological Change, Skill Accumulation, and Wage Inequality

He, Hui; Liu, Zheng - In: Review of Economic Dynamics 11 (2008) 2, pp. 314-334

Wage inequality between education groups in the United States has increased substantially since the early 1980s. The relative number of college-educated workers has also increased dramatically in the postwar period. This paper presents a unified framework where the dynamics of both skill...

Persistent link: https://www.econbiz.de/10005090954

Demographic Change, Human Capital and Welfare

Ludwig, Alexander; Schelkle, Thomas; Vogel, Edgar - In: Review of Economic Dynamics 15 (2012) 1, pp. 94-107

standard OLG models predict that these changes will increase the capital-labor ratio. Hence, rates of return to capital … return is low. This paper argues that adding endogenous human capital accumulation to the standard model dampens these forces …. We find that this adjustment channel is quantitatively important. The standard model with exogenous human capital …

Persistent link: https://www.econbiz.de/10009193226

The Stationary Distribution of Wealth under Progressive Taxation

Carroll, Daniel R.; Young, Eric R. - In: Review of Economic Dynamics 12 (2009) 3, pp. 469-478

This paper considers the long-run distribution of capital holdings in a model with complete asset markets and … capable of producing a nondegenerate determinate wealth distribution. However, it also predicts that capital and labor income …

Persistent link: https://www.econbiz.de/10004991320

Fluctuations in Convex Models of Endogenous Growth II: Business Cycle Properties

Jones, Larry E.; Manuelli, Rodolfo E.; Siu, Henry E. - In: Review of Economic Dynamics 8 (2005) 4, pp. 805-828

growth based on individual worker decisions about human capital investment. We calibrate a version of the model to match long …

Persistent link: https://www.econbiz.de/10005069619

Fluctuations in Convex Models of Endogenous Growth I: Growth Effects

Jones, Larry E.; Manuelli, Rodolfo E.; Siu, Henry E.; … - In: Review of Economic Dynamics 8 (2005) 4, pp. 780-804

Is there a trade-off between fluctuations and growth? The empirical evidence is mixed, with some studies finding a positive relationship, while others find a negative one. Our objectives are to understand how fundamental uncertainty affects the long run growth rate and to identify important...

Persistent link: https://www.econbiz.de/10005091018

Consumption, Income and Earnings Inequality in Britain

Blundell, Richard; Etheridge, Ben - In: Review of Economic Dynamics 13 (2010) 1, pp. 76-102

This paper presents an analysis of the trends in inequality across income, earnings and consumption in Britain since 1978. It documents the episodic nature of inequality growth over this period largely dominated by the inequality 'boom' in earnings inequality of the 1980s. It builds a consistent...

Persistent link: https://www.econbiz.de/10008487514

The Labor Wedge: MRS vs. MPN

Karabarbounis, Loukas - In: Review of Economic Dynamics 17 (2014) 2, pp. 206-223

Do fluctuations of the labor wedge, defined as the gap between the firm's marginal product of labor (MPN) and the household's marginal rate of substitution (MRS), reflect fluctuations of the gap between the MPN and the real wage or fluctuations of the gap between the real wage and the MRS? For...

Persistent link: https://www.econbiz.de/10010856605

Investment-Saving Comovement and Capital Mobility: Evidence from Century Long U.S. Time Series

Levy, Daniel - In: Review of Economic Dynamics 3 (2000) 1, pp. 100-136

coauthors have argued that the high investment-saving correlation reflects imperfect capital mobility. This view, however, is … capital markets have become more open and integrated. I conclude, therefore, that long-term capital mobility tests based on … investment-saving correlation analysis are not likely to provide an accurate measure of capital mobility. …

Persistent link: https://www.econbiz.de/10012140554