Caggese, Andrea; Pérez, Ander - 2017 - This version: January 17, 2017
rates caused by demographic forces. This insight is obtained in a model in which intangible capital cannot attract external … finance, firms are credit constrained, and there is substantial dispersion in productivity. In a tangibles-intense economy … aggregate output. An increase in the share of intangible capital in production reduces the borrowing capacity and increases the …