expenditure side, private consumption and investment have also stabilized considerably. Most of the decline in aggregate growth … conditions, characterized by higher and more stable real per-capita growth rates, and lower and more stable inflation. This paper … reduction in growth volatility, of more than 50%, in the agricultural sector, and a gradual stabilization in services. On the …

We argue that secular change in both the production and composition of investment goods has weakened private investment … the production of investment goods amplify the response of consumption to monetary policy shocks by varying labor income … investment goods production has declined, (ii) the import share of investment goods has risen, and (iii) the composition of …

unclear. One candidate is intangible capital - a rising driver of economic growth that, being non-pledgeable as collateral, is … vulnerable to financial frictions. By sheltering intangible investment from financial shocks, counter-cyclical macroeconomic … policy could strengthen longer-term growth, particularly so where strong product market competition prevents firms from self …