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Report
Does public capital crowd out private capital?
Aschauer, David Alan (1988)
Staff Memoranda , Paper 88-10

Working Paper
Financial distress and the role of capital contributions by the owner manager
Venkataraman, Subu (1996)
This paper examines the implications of bankruptcy law for owner managed firms. These firms are typically (i) smaller, (ii) their value is closely tied to the skills of the owner manager, and (iii) the owner manager represents a feasible source of capital contributions if the firm is in financial distress. The terms of such capital infusions, codified as the new value exception (NVE) to the absolute priority rule (APR), has been the source of considerable controversy, both in terms of its existence, and the economic benefit, if any, that it provides. We show that when the owner manager cannot ...
Working Paper Series, Issues in Financial Regulation , Paper WP-96-22

Conference Paper
Inflation, financial markets and capital formation - commentary
Labadie, Pamela (1996-05)
Proceedings , Volume 78 , Issue May , Pages 36-37

Working Paper
External increasing returns, short-lived agents and long-lived waste
Schreft, Stacey L.; Pecchenino, Rowena A.; Schimmelpfennig, D. (1990)
Actions that affect environmental quality both influence and respond to macroeconomic variables. Further, many environmental and macroeconomic consequences of current actions will have uncompensated effects that outlive the actors. This paper presents an overlapping-generations model of environmental externalities and capital accumulation: consumption of the old generates long-lived garbage as a by-product, while young agents invest in both capital and destruction of the existing garbage stock. The model also assumes external increasing returns: increases in the capital stock increase the ...
Working Paper , Paper 91-02

Working Paper
Fixing Swiss potholes: the importance of improvements
Dueker, Michael J.; Fischer, Andreas M. (2003)
This note sheds new light on the dynamic properties of maintenance and repair and examines the behavior of an additional form of capital spending-that of improvements. The analysis examines a unique long-run data set on Swiss road spending.
Working Papers , Paper 2001-025

Conference Paper
Tax reform and capital formation
Kopcke, Richard W. (1985)
Conference Series ; [Proceedings] , Volume 29 , Pages 103-152

Working Paper
Inflation, taxes, and the durability of capital
Cohen, Darrel; Hassett, Kevin A. (1997)
Auerbach (1979, 1981) has demonstrated that inflation can lead to large inter-asset distortions, with the negative effects of higher inflation unambiguously declining with asset life. We show that this is true only if depreciation is treated as geometric for tax purposes. When depreciation is straightline, higher inflation can have the opposite effect, discouraging investment in long-lived assets. Since our current system can be thought of as a mixture of straightline and geometric, the sign of the inter-asset distortion is indeterminate. We show that under current U.S. tax rules, the ...
Finance and Economics Discussion Series , Paper 1997-53

Working Paper
Real exchange rate dynamics in sticky-price models with capital
Nechio, Fernanda; Carvalho, Carlos (2012)
The standard argument for abstracting from capital accumulation in sticky-price macro models is based on their short-run focus: over this horizon, capital does not move much. This argument is more problematic in the context of real exchange rate (RER) dynamics, which are very persistent. In this paper we study RER dynamics in sticky-price models with capital accumulation. We analyze both a model with an economy-wide rental market for homogeneous capital, and an economy in which capital is sector specific. We find that, in response to monetary shocks, capital increases the persistence and ...
Working Paper Series , Paper 2012-08

Journal Article
Evaluating recent trends in capital formation
Englander, A. Steven; Steindel, Charles (1989-10)
Quarterly Review , Volume 14 , Issue Aut , Pages 7-19

Working Paper
Money, banking, and capital formation
Schreft, Stacey L.; Smith, Bruce (1994)
We consider a monetary growth model in which banks arise to provide liquidity. In addition, there is a government that issues not only money, but interest-bearing bonds; these bonds compete with capital in private portfolios. When the government fixes a constant growth rate for the money stock, we show that there can exist multiple nontrivial monetary steady states. One of these steady states is a saddle, while the other can be a sink. Paths approaching these steady states can display damped endogenous fluctuations, and development trap phenomena are common. Across different steady states, ...
Working Paper , Paper 94-05

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