| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24520 |
| 来源ID | Working Paper 24520 |
| Sweat Equity in U.S. Private Business | |
| Anmol Bhandari; Ellen R. McGrattan | |
| 发表日期 | 2018-04-16 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We develop a theory of sweat equity—the value of business owners’ time and expenses to build customer bases, client lists, and other intangible assets. We discipline the theory using data from U.S. national accounts, business censuses, and brokered sales to estimate a value for sweat equity for the private business sector equal to 1.2 times U.S. GDP, which is roughly the value of fixed assets in use in these businesses. Although latent, the equity values are positively correlated with business incomes, ages, and standard measures of markups based on accounting data, but not with financial assets of owners or standard measures of business total factor productivity (TFP). We use our theory to show that abstracting from sweat activity leads to a significant understatement of the impacts of lowering business income tax rates on both the extensive and intensive margins. We also document large differences in the effective tax rates and the effects of tax changes for owner and employee labor inputs. Lower tax rates on owners result in increased self-employment rates and smaller firm sizes, whereas lower rates on employees have the opposite effect. Allowing for financial constraints and superstar firms does not overturn our main findings. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Consumption and Investment ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w24520 |
| 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/582193 |
| 推荐引用方式 GB/T 7714 | Anmol Bhandari,Ellen R. McGrattan. Sweat Equity in U.S. Private Business. 2018. |
| 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 | ||
| w24520.pdf（459KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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