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Newsletter
The Rise of Intangible Investment and the Transmission of Monetary Policy
David, Joel M.; Gourio, François (2023-08)
Monetary policy acts on the economy primarily through its effects on investment spending. But the nature of investment has evolved over time: “Intangible assets”—such as intellectual property or software—play an increasingly important role in the modern economy. In this Chicago Fed Letter, we study the implications of this change for the transmission of monetary policy. We show that investment in intangible assets is less sensitive to interest rates than investment in tangible assets. This suggests that the secular shift toward intangibles has reduced the responsiveness of aggregate ...
Chicago Fed Letter , Volume no 482 , Pages 8

Working Paper
The impact of financial frictions on a small open economy: when current account borrowing hits a limit
Valderrama, Diego (2002)
The evidence of the last 20 years of recurring output busts and rapid reversals of the current account in emerging markets indicates that domestic agents may not be able to borrow in international capital markets to fully insure themselves against internal and external shocks. This paper models this phenomenon as a form of excess volatility by introducing a financial friction into a stochastic model of a small open economy. The financial friction limits the current account deficit to a fixed fraction of gross domestic product. The paper shows that conditional volatility and asymmetry are ...
Working Paper Series , Paper 2002-15

Working Paper
Optimal fiscal policy when public capital is productive: a business- cycle perspective
Lansing, Kevin J. (1994)
An examination of the business cycle implications of productive public capital in a two-sector, dynamic general-equilibrium model with optimal fiscal policy. In simulations, public investment and public consumption move procyclically, and the capital tax is more variable than the labor tax--features also observed in annual U.S. data.
Working Papers (Old Series) , Paper 9406

Report
Explaining international differences in the cost of capital: the United States and United Kingdom versus Japan and Germany
Zimmer, Steven A.; McCauley, Robert N. (1989)
Research Paper , Paper 8913

Working Paper
Money, interest, and capital in a cash-in-advance economy
Coleman, Wilbur John (1988)
A cash-in-advance constraint on consumption is incorporated into a standard model of consumption and capital accumulation. Monetary policy consists of lump-sum cash transfers. Methods are developed for establishing the existence and uniqueness of an equilibrium. and for explicitly constructing this equilibrium. The model economy's dependence on monetary policy is explored.
International Finance Discussion Papers , Paper 323

Working Paper
The return to capital and the business cycle
Rupert, Peter; Gomme, Paul; Ravikumar, B. (2006)
Real business cycle models have difficulty replicating the volatility of S&P 500 returns. This fact should not be surprising since real business cycle theory suggests that the return to capital should be measured by the return to aggregate market capital, not stock market returns. We construct a quarterly time series of the after-tax return to business capital. Its volatility is considerably smaller than that of S&P 500 returns. Our benchmark model captures almost 40 percent of the volatility in the return to capital (relative to the volatility of output). We consider several departures from ...
Working Papers (Old Series) , Paper 0603

Working Paper
The debt crisis: lessons of the 1980's for the 1990's
Pereira, Alfredo; Kaminsky, Graciela L. (1994)
One of the salient characteristics of the 1980s is the growth collapse of the Latin American debtor countries. The debt-overhang literature claims that the debt crisis is the main reason for the growth collapse. However, previous empirical work has failed to support this hypothesis. We reexamine this hypothesis further using simulation and econometric methods. We find that once we account for the effects of social inequality on government policy and consumption, the burden of servicing the debt becomes an important factor in explaining the collapse in investment and output growth in Latin ...
International Finance Discussion Papers , Paper 481

Journal Article
Global capital flows from China
Sly, Nicholas; Nie, Jun (2015-09-08)
Jun Nie and Nicholas Sly examine recent trends in capital flows from China and the implications for the United States.
Macro Bulletin

Conference Paper
The stock market and capital accumulation, comments
DeLong, J. Bradford (2000-04)
Proceedings , Issue Apr

Working Paper
The incidence of capital taxation and the magnitude of its burden.
Felix, Alison (2007)
Regional Research Working Paper , Paper RRWP 07-02

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