rates caused by demographic forces. This insight is obtained in a model in which intangible capital cannot attract external … aggregate output. An increase in the share of intangible capital in production reduces the borrowing capacity and increases the …-intense economy, the ability of firms to purchase intangible capital using retained earnings is impaired by low interest rates …

capital and labor, but also on changes in the allocation of these inputs across firms. As the latter effects are neglected in … that changes in allocation of capital and labor have pronounced effects on GDP-growth for most European countries. Further …. -- aggregation of production functions ; distribution of capital and labor ; firm heterogeneity ; growth accounting ; structural …

. The government provides high enough incomes to state workers in order to gain their support. It also controls capital … private sector. These policies initially generate rapid growth accompanied by declining labor and capital market frictions but …