The Impact of Intangible Investments on the Macroeconomy
无形投资对宏观经济的影响
基本信息
- 批准号:1657891
- 负责人:
- 金额:$ 30.5万
- 依托单位:
- 依托单位国家:美国
- 项目类别:Standard Grant
- 财政年份:2017
- 资助国家:美国
- 起止时间:2017-08-01 至 2020-07-31
- 项目状态:已结题
- 来源:
- 关键词:
项目摘要
This award funds research in macroeconomics that seeks to better understand the main driving forces behind the large decline in economic activity between 2008 ? 2009 and the subsequent slow recovery. The project seeks to shed light on a measurement issue that affects the analysis of key macro data from this period. If firms invest heavily in intangible investments, a drop in measured GDP will understand the actual decline in total output because measured GDP does not include all intangible investments. This could result in a rise in labor productivity during a recession, as observed in 2009. The project will develop a multisector framework that explicitly models intangible investments and industry input-output linkages and will use disaggregated data. The goal is to determine whether models of the business cycle that feature efficient resource allocation and fluctuations driven by shocks to total factor productivities can explain the economic experience of 2008 ? 2009. The results will help us understand whether or not inefficient disruptions in financial markets mean governments should regulate financial markets in new ways.The project develops the multisector framework and estimates key model parameters with maximum likelihood techniques. Working with disaggregated data is very useful here, because there are vast differences in spending on R&D, trademarks, and other intangibles across industries, and including sectoral linkages will likely have an impact on the propagation of productivity shocks. The model will also be extended to allow for financial factors. Quantifying the role of intangible assets for business cycle activity will advance economic science in several ways. The current state of knowledge is limited because previous work has focused on aggregate data or a specific episode. The previous work was conducted prior to major revisions that introduced new measurements of intangible investments into the U.S. system of national accounts.
该奖项用于宏观经济学的研究,旨在更好地理解2008-2009年间经济活动大幅下滑以及随后缓慢复苏背后的主要驱动力。该项目试图阐明一个影响这一时期关键宏观数据分析的计量问题。如果企业大量投资于无形投资,衡量的GDP的下降将理解总产出的实际下降,因为衡量的GDP不包括所有无形投资。这可能会导致经济衰退期间劳动生产率的提高,正如2009年所观察到的那样。该项目将制定一个多部门框架,明确模拟无形投资和行业投入-产出联系,并将使用分类数据。目标是确定以有效资源配置和全要素生产率冲击驱动的波动为特征的商业周期模型是否能够解释2008-2009年的经济经验。研究结果将帮助我们理解金融市场的低效混乱是否意味着政府应该以新的方式监管金融市场。该项目开发了多部门框架,并使用最大似然技术估计了关键的模型参数。在这里,使用分类数据非常有用,因为不同行业在研发、商标和其他无形资产上的支出存在巨大差异,包括部门联系可能会对生产率冲击的传播产生影响。该模型还将进行扩展,以考虑财务因素。量化无形资产在经济周期活动中的作用,将在几个方面推动经济科学的发展。目前的知识状态是有限的,因为以前的工作集中在汇总数据或特定事件上。之前的工作是在重大修订之前进行的,这些修订将无形投资的新衡量标准引入美国的国民账户体系。
项目成果
期刊论文数量(2)
专著数量(0)
科研奖励数量(0)
会议论文数量(0)
专利数量(0)
The Impact of Brexit on Foreign Investment and Production
英国脱欧对外国投资和生产的影响
- DOI:10.1257/mac.20170399
- 发表时间:2020
- 期刊:
- 影响因子:0
- 作者:McGrattan, Ellen R.;Waddle, Andrea
- 通讯作者:Waddle, Andrea
Intangible capital and measured productivity
无形资本和衡量的生产力
- DOI:10.1016/j.red.2020.06.007
- 发表时间:2020
- 期刊:
- 影响因子:2
- 作者:McGrattan, Ellen R.
- 通讯作者:McGrattan, Ellen R.
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Ellen McGrattan其他文献
Ellen McGrattan的其他文献
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{{ truncateString('Ellen McGrattan', 18)}}的其他基金
Using Administrative Data to Study U.S. Private Business Investment
使用行政数据研究美国私营企业投资
- 批准号:
2214248 - 财政年份:2022
- 资助金额:
$ 30.5万 - 项目类别:
Standard Grant
ROW: Distributional Effects of Distortionary Taxation
ROW:扭曲性税收的分配效应
- 批准号:
9108758 - 财政年份:1991
- 资助金额:
$ 30.5万 - 项目类别:
Standard Grant
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