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Conference Paper
Understanding China's capital productivity and flow
Xu, Lixin Colin (2006)
The evidence from China (and India) suggests that regional variations in FDI inflow and marginal productivity of capital can readily be explained by some of the usual and un-usual suspects: tax burden, corruption, expected growth rate, infrastructure, access to finance, court and custom efficiency, and quality of life. Given the vast variations in all these dimensions in various regions in China due to the decentralized nature and geography, the large variations in capital-labor ratio and marginal product of capital are perhaps not too difficult to rationalize. The fact that MPK depends on ...
Conference Series ; [Proceedings] , Volume 51

Working Paper
Tobin's Q, investment, and endogenous adjustment of financial structure
Osterberg, William P. (1988)
An analysis of a q model of investment in which financial structure affects firm value, using a perfect foresight model of general equilibrium that includes a debt-related agency cost; uses the comparative statics and dynamics of changing the corporate tax rate as an illustration.
Working Papers (Old Series) , Paper 8801

Discussion Paper
The allocation of goods and time over the business cycle
Hercowitz, Zvi; Greenwood, Jeremy (1990)
A Beckerian model of household production is developed to study the allocation of capital and time between market and home activities over the business cycle. The adopted framework treats the business and household sectors symmetrically. In the market, labor interacts with business capital to produce market goods and services, and likewise at home the remaining time, leisure, is combined with household capital to produce home goods and services. The theoretical model presented is parameterized, calibrated, and simulated to see whether it can rationalize the observed allocation of capital and ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 26

Journal Article
Capital formation and competitiveness
Bernauer, Kenneth (1981)
FRBSF Economic Letter

Working Paper
Regulation and the cost of capital in Japan: a case study
Ammer, John; Gibson, Michael S. (1996)
Over the last several years, a combination of loan losses and regulatory barriers to equity issuance have left Japanese banks starved for capital. In September 1995, the Mitsubishi Bank was permitted to issue a complicated convertible security in a foreign market. The results of simulations of the price path of the underlying equity imply that Mitsubishi Bank's annualized risk-adjusted cost of capital through this instrument was between 80 and 310 basis points higher than if the bank had instead been able to issue common stock at its current price.
International Finance Discussion Papers , Paper 556

Working Paper
Capital Gains Taxation and Investment Dynamics
Moon, Terry S.; Hong, Sungki (2019-12-12)
This paper quantifies the long-run effects of reducing capital gains taxes on aggregate investment. We develop a dynamic general equilibrium model with heterogeneous firms, which face discrete capital gains tax rates based on firm size. We calibrate our model by targeting micro moments and a difference-in-differences estimate of the capital stock response based on the institutional setting and policy reform in Korea. We find that the reform that reduced the capital gains tax rates for a subset of firms substantially increased investment in the short run, and capturing general equilibrium ...
Working Papers , Paper 2018-31

Journal Article
Challenges in economic capital modeling
Lopez, Jose A. (2010)
Financial institutions are increasingly using economic capital models to help determine the amount of capital they need to absorb unexpected losses. These models typically aggregate capital based on business-level analysis. However, important challenges surround this aggregation as well as other aspects of these models. Supervisors could use these capital calculations when they assess capital adequacy, but they need to be aware of these modeling issues.
FRBSF Economic Letter

Working Paper
A new approach to the valuation of intangible capital
Cummins, Jason G. (2004)
Intangible capital is not a distinct factor of production as is physical capital or labor. Rather it is the "glue" that creates value from other factor inputs. This perspective naturally suggests an empirical model in which intangible capital is defined in terms of adjustment costs. My estimates of these adjustment costs from firm-level panel data suggest that no appreciable intangibles are associated with R&D and advertising, whereas information technology creates intangibles with a 72% annual rate of return--a sizable figure that is nevertheless much smaller than that reported in previous ...
Finance and Economics Discussion Series , Paper 2004-17

Working Paper
Sectoral Solow residuals
Burnside, Craig; Rebelo, Sergio; Eichenbaum, Martin S. (1995)
Working Paper Series, Macroeconomic Issues , Paper 95-15

Working Paper
Capital and the slowdown of growth in the United States: a review
Oliner, Stephen D. (1988)
Working Paper Series / Economic Activity Section , Paper 87

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