taxation is productivity that is positively correlated with tax income per capita and negatively correlated with the value …

I analyze the effects of a favorable shift in expected future productivity on the current level of investment and the … real interest rate. In a standard RBC model, an increase in expected future productivity raises the real rate, but …. In contrast with the flexible-price case, the favorable shift in future productivity can lead to an increase in current …

change as an engine of growth is even larger than previously estimated. Second, existing producer durable price indices do … not adequately account for quality change. As a result, measured capital stock growth is biased. Third, if accurate, the …