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来源类型Working Paper
规范类型报告
DOI10.3386/w13983
来源IDWorking 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
URLhttps://www.nber.org/papers/w13983
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/571658
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GB/T 7714
Ellen R. McGrattan,Edward C. Prescott. Technology Capital and the U.S. Current Account. 2008.
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