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  • International Business Cycles
  • 1
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    Heidelberg: Springer | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2020-01-15
    Description: Intangible capital is an increasingly important factor of production in advanced economies. Governments in Europe and elsewhere promote investment in intangible assets. However, the potential role of intangibles for business cycles and the international transmission of shocks is not well understood. In this paper, we investigate the international business cycle effects of intangible capital. To this aim, we build an otherwise standard two-country real business cycle model augmented by a production sector for intangibles and allow for the non-rivalrous use of intangible capital in the production of final output goods and new intangibles. We find that a model including intangibles is associated with international co-movement of tangible investment, which is a feature observed in the data that many models fail to produce.
    Keywords: ddc:330 ; International Business Cycles ; Investment ; Intangible Capital
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
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  • 2
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    Bern: University of Bern, Department of Economics
    Publication Date: 2019-10-25
    Description: We analyze the effects of intangible investment on international output synchronization. Using a dynamic stochastic general equilibrium model, we find that an increase in the importance of intangible capital leads to a higher degree of output comovement across countries. Therefore, countries in which intangible capital is more important are better suited to economic integration, such as forming a monetary union. This offers an insightful perspective on the potential relation between the considerable differences in intangible capital among Eurozone members and the discussion surrounding the Eurozone as a sub-optimal currency area. A high stock of intangible capital also tends to attract foreign equity investments, in particular foreign direct investments. We find that cross-border equity holdings in tangible and intangible capital further increase the degree of output synchronization. Our results imply that policy reforms to incentivize higher intangible capital formation and cross-border equity investments may not only foster economic growth but also improve the functioning of the monetary policy in the Eurozone.
    Keywords: E22 ; E32 ; F41 ; ddc:330 ; International Business Cycles ; Investment ; Cross-country Correlations ; Intangible Capital
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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