| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13983 |
| 来源ID | Working Paper 13983 |
| Technology Capital and the U.S. Current Account | |
| Ellen R. McGrattan; Edward C. Prescott | |
| 发表日期 | 2008-05-09 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | The U.S. Bureau of Economic Analysis (BEA) estimates the return on investments of foreign subsidiaries of U.S. multinational companies over the period 1982--2006 averaged 9.4 percent annually after taxes; U.S. subsidiaries of foreign multinationals averaged only 3.2 percent. Two factors distort BEA returns: technology capital and plant-specific intangible capital. Technology capital is accumulated know-how from intangible investments in R&D, brands, and organizations that can be used in foreign and domestic locations. Used abroad, it generates profits for foreign subsidiaries with no foreign direct investment (FDI). Plant-specific intangible capital in foreign subsidiaries is expensed abroad, lowering current profits on FDI and increasing future profits. We develop a multicountry general equilibrium model with an essential role for FDI and apply the BEA's methodology to construct economic statistics for the model economy. We estimate that mismeasurement of intangible investments accounts for over 60 percent of the difference in BEA returns. |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w13983 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571658 |
| 推荐引用方式 GB/T 7714 | Ellen R. McGrattan,Edward C. Prescott. Technology Capital and the U.S. Current Account. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13983.pdf（311KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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