We use balance sheet and National Income and Products Accounts (NIPA) data to calibrate factor shares in a model with three factors (land, labor, and capital) and three sectors (business, household, and government). These estimates are used in an overlapping generations model with land to study...

In this paper, we modify the standard neoclassical model by incorporating financial intermediation in order to deliver returns consistent with the observation that capital primarily flows to middle income countries. We build a static contracting framework where costly intermediation together...