| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13984 |
| DP13984 Redistributive Growth | |
| Enrico Perotti; Robin Döttling | |
| 发表日期 | 2019-09-05 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We study long term effects of the technological shift to intangible capital, whose creation relies on the commitment of skilled human capital in firm production. Humancapital cannot be owned, so firms need less financing. Human capital cannot be credibly committed so firms need to reward it by deferred compensation, diluting future profits. As human capital income is not tradeable, total investable assets fall. The general equilibrium effect is a gradual fall in interest rates and a re-allocation of excess savings into rising valuations of existing assets such as real estate. The concomitant rise in house prices and wage inequality leads to higher household leverage. |
| 主题 | Financial Economics ; Macroeconomics and Growth |
| 关键词 | Intangible capital Skill premium Knowledge based technological change Human capital Excess savings Mortgage credit |
| URL | https://cepr.org/publications/dp13984 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542865 |
| 推荐引用方式 GB/T 7714 | Enrico Perotti,Robin Döttling. DP13984 Redistributive Growth. 2019. |
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