| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25869 |
| 来源ID | Working Paper 25869 |
| Understanding Weak Capital Investment: the Role of Market Concentration and Intangibles | |
| Nicolas Crouzet; Janice C. Eberly | |
| 发表日期 | 2019-05-27 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We document that the rise of factors such as software, intellectual property, brand, and innovative business processes, collectively known as “intangible capital” can explain much of the weakness in physical capital investment since 2000. Moreover, intangibles have distinct economic features compared to physical capital. For example, they are scalable (e.g., software) though some also have legal protections (e.g., patents or copyrights). These characteristics may have enabled the rise in industry concentration over the last two decades. Indeed, we show that the rise in intangibles is driven by industry leaders and coincides with increases in their market share and hence, rising industry concentration. Moreover, intangibles are associated with at least two drivers of rising concentration: market power and productivity gains. Productivity gains derived from intangibles are strongest in the Consumer sector, while market power derived from intangibles is strongest in the Healthcare sector. These shifts have important policy implications, since intangible capital is less interest-sensitive and less collateralizable than physical capital, potentially weakening traditional transmission mechanisms. However, these shifts also create opportunities for policy innovation around new market mechanisms for intangible capital. |
| 主题 | Macroeconomics ; Consumption and Investment |
| URL | https://www.nber.org/papers/w25869 |
| 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/583542 |
| 推荐引用方式 GB/T 7714 | Nicolas Crouzet,Janice C. Eberly. Understanding Weak Capital Investment: the Role of Market Concentration and Intangibles. 2019. |
| 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 | ||
| w25869.pdf（1104KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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