Capital-embodied technological change is incorporated into a real business cycle (RBC) model, and some macroeconomic …

a real business cycle model where the decisions of firms about physical capital utilization, maintenance, improvement … capital utilization, while it shares features with the Burnside, Eichenbaum and Rebelo (1993) variable work effort model. …

of capital accumulation and some natural constraints on labor, the strong growth momentum is unlikely to be sustainable …

a real business cycle model where the decisions of firms about physical capital utilization, maintenance, improvement … capital utilization, while it shares features with the Burnside, Eichenbaum and Rebelo (1993) variable work effort model. …

public capital and expected fiscal adjustments to deficit-financed spending. Implementation delays can produce small or even … matter both quantitatively and qualitatively for long-run growth effects. When public capital is insufficiently productive …

surprising since real business cycle theory suggests that the return to capital should be measured by the return to aggregate … market capital, not stock market returns. We construct a quarterly time series of the after-tax return to business capital … volatility in the return to capital (relative to the volatility of output). We consider several departures from the benchmark …