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 …

This paper investigates the role intangible capital plays for economic growth in different sectors in Germany. It … consists of two major parts. In the first part, we aim at measuring investment in intangibles at the sector level. We shed … light on differences across sectors but also compare these figures with investment in physical capital and with investment …