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The widespread emergence of intangible technologies in recent decades may have significantly hurt output growth -- even when these technologies replaced considerably less productive tangible technologies -- because of structurally low interest rates caused by demographic forces. This insight is...
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The widespread emergence of intangible technologies in recent decades may have significantly hurt output growth—even when these technologies replaced considerably less productive tangible technologies—because of low interest rates. After a shift toward intangible capital in production, the...
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