The paper revisits Harper, Berndt and Wood (1989) and calculates Canadian reproducible capital services aggregates … under alternative assumptions about the form of depreciation, the opportunity cost of capital and the treatment of capital … (4) above. We consider 3 alternative assumptions about the interest rate and the treatment of capital gains so that we …

Capital reallocation is procyclical, despite measured productive reallocative opportunities being acyclical, or even … countercyclical. This paper reviews the advances in the literature studying the causes and consequences of capital reallocation (or … lack thereof). We provide a comprehensive set of capital reallocation stylized facts for the US, and an illustrative model …

Wealth inequality is rising in rich countries. Capital taxation used simply to finance redistribution may not be able … to counteract this trend, but can increased public investment financed by higher capital taxes? We examine how such a …. Our main finding is that public investment financed through capital taxes always decreases wealth inequality when the …

We develop a forward-looking profit model to estimate the depreciation rates of business R&D capital. By using data …

of substitution between capital and labor less than one. This is inconsistent with the Uzawa Growth Theorem. We extend … Uzawa's theorem to show that the introduction of human capital accumulation in the standard way does not resolve the puzzle …. However, balanced growth is possible if schooling is endogenous and capital is more complementary with schooling than with raw …

aggregate uncertainty. Our framework accounts simultaneously for gains from a more efficient capital allocation and gains from … integration has an effect on the steady-state itself, altering convergence gains from capital accumulation. Because we use global … in terms of risk, capital scarcity and size, we find important differences in the effect of financial integration on …

This paper estimates the elasticity of substitution between capital and skill using variation across U.S. counties in … immigration-induced skill mix changes between 1860 and 1930. We find that capital began as a q-complement for skilled and … parametric production function calibrated to our estimates imply the level of capital-skill complementarity after 1890 likely …

In Capital in the 21st Century, Thomas Piketty uses the market value of tradeable assets to measure both productive … capital and wealth. As a measure of wealth this is problematic because it ignores the value of human capital and transfer … assets. The approach also incorrectly identifies capital gains due to reduced discount rates as increases in the capital …

We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. At least … 30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst …

different nested structures of input factors: capital, labor with or without human capital adjustment, and energy using data for … substitution elasticity between capital and labor for China is below unity. When human capital adjusted labor is used as input … instead of unadjusted raw labor, estimates of substitution elasticity between capital and labor become lower. By considering …