impact on a government's decisions on how to allocate government expenditure between public consumption and investment. Using …

intensification of capital-skill complementarity in the production process. In light of the growing significance of skilled labor for … fostering the return to physical capital, elites in society were induced to relinquish their historically profitable coercion of … labor in favor of employing free skilled workers, thereby incentivizing the masses to engage in broad-based human capital …

An analytical framework is developed to study the repercussions between endogenous capital- and labor-saving technical … this framework aging increases the relative scarcity of labor with respect to capital. Therefore, there will be more labor …- and less capital-saving technical change. Unless there are contemporaneous knowledge spillovers across innovating firms …

that results from the decline in the price of capital due to higher government debt. …

We document the empirical fact that asset prices in the consumption-goods and investment-goods sector behave almost … standard two-sector real-business cycle model with habit formation and sector-specific adjustment costs of capital. The model …

, unanticipated delays in the provision of public capital generate too much consumption and too little private investment relative to … public infrastructure in the context of a growing economy. Our results indicate that uncertainty about the arrival of public … capital can more than offset its positive spillovers for private-sector productivity. In a decentralized economy …