Productivity Growth and Interest Rate Trends: A Long-Run Analysis
In: Michigan Retirement Research Center Research Paper No. 2016-357
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In: Michigan Retirement Research Center Research Paper No. 2016-357
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In: Journal of political economy, Band 110, Heft 6, S. 1390-1413
ISSN: 1537-534X
In: Journal of Monetary Economics, Band 51, Heft 1, S. 191-233
In: American economic review, Band 93, Heft 4, S. 1240-1267
ISSN: 1944-7981
Tobin's average q has usually been well above 1, but fell below 1 during 1974 – 1984. Our model explains this pattern and reconciles it with unchanging aggregate investment. The stock market value in the numerator of q reflects ownership of physical capital and knowledge, but the denominator measures just physical capital. Therefore, q is usually above 1. Periodic arrivals of important new technologies, such as the microprocessor in the 1970's, suddenly render old knowledge and capital obsolete, causing the stock market to drop. National accounts measures of physical capital miss this rapid obsolescence. Then q appears to drop below 1.
In: American economic review, Band 90, Heft 1, S. 15-29
ISSN: 1944-7981
When a production process requires two extremely complementary inputs, conventional wisdom holds that a firm would always upgrade them simultaneously. We show, however, that if upgrading each input involves a fixed cost, the firm may upgrade them at different dates, "asynchronously." This insight helps us understand why productivity rises with the age of a plant, why investment in structures is more spiked than equipment investment, and why plants have spare capacity. The bigger point of the paper is that complementarity does not necessarily imply comovement—not even for a single decision maker. (JEL E22, O31, P11)
In: Netspar Discussion Paper No. 09/2014-093
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In: NBER Working Paper No. w20547
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In: Michigan Retirement Research Center Research Paper No. 2013-281
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In: NBER Working Paper No. w19638
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In: IZA Discussion Paper No. 7744
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In: NBER Working Paper No. w15080
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In: IZA Discussion Paper No. 4233
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In: Michigan Retirement Research Center Research Paper No. 2013-280
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