Working Paper
Creativity and economic growth: theory, measures, and potentials for morocco
Nakamura, Leonard I. (2015-04-29)
The current era of globalization is dominated by the rise of investments in intangible capital rather than tangible capital ? the ascendance of creativity over plant and equipment. This brief paper is motivated by the possibility that emerging market economies such as Morocco might take greater advantage of new tools and policies designed for this new era. To begin, I discuss the transformation of the global economy and the consequences of the transformed global economy for economic thinking and measurement. I refer to both old and new literature on the measurement of intangible investment ...
Working Papers , Paper 15-21

Report
Online Appendix: Sweat Equity in U.S. Private Business
Bhandari, Anmol; McGrattan, Ellen R. (2020-08-28)
Staff Report , Paper 612

Report
Data Appendix: What Do Survey Data Tell Us about U.S. Businesses?
McGrattan, Ellen R.; Birinci, Serdar; Bhandari, Anmol (2019-01-11)
In this appendix, we provide details on the data sources and construction of variables for our analysis in "What Do Survey Data Tell Us about U.S. Businesses?" We also include the auxiliary tables and figures omitted from the main text.
Staff Report , Paper 578

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What Do Survey Data Tell Us about U.S. Businesses?
Birinci, Serdar; See, Kurt; McGrattan, Ellen R.; Bhandari, Anmol (2018-06-21)
This paper examines the reliability of survey data for research on pass-through businesses activities. Passthrough businesses account for over half of all net income to businesses in the United States and most of the rise in top income shares. We examine all surveys that ask questions about these businesses and compare outcomes across surveys and with aggregated administrative data. We document large inconsistencies in business incomes, receipts, and number of returns. We highlight problems due to non-representative samples and measurement errors. Non-representativeness is reflected in ...
Staff Report , Paper 568

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Sweat Equity in U.S. Private Business
Bhandari, Anmol; McGrattan, Ellen R. (2017-11-20)
This paper uses theory disciplined by U.S. national accounts and business census data to measure private business sweat equity, which is the value of time to build customer bases, client lists, and other intangible assets. We estimate an aggregate sweat equity value of 0.65 times GDP, with little cross-sectional dispersion in valuations when compared to business net incomes and large cross-sectional dispersion in rates of return. Our estimate of sweat equity is close to the estimate of marketable fixed assets used in production by private businesses, implying a high ratio of intangible to ...
Staff Report , Paper 560