Caggese, Andrea; Pérez, Ander - 2017 - This version: January 17, 2017
rates caused by demographic forces. This insight is obtained in a model in which intangible capital cannot attract external … aggregate output. An increase in the share of intangible capital in production reduces the borrowing capacity and increases the …-intense economy, the ability of firms to purchase intangible capital using retained earnings is impaired by low interest rates …
