Intangibles, Investment, and Efficiency

Nicolas Crouzet and Janice Eberly

AEA Papers and Proceedings, 2018, vol. 108, 426-31

Abstract: Recent work on macroeconomic trends has emphasized slowing capital investment, but strong business profits and valuations. The retail sector is a microcosm of these trends, and accounts for a large share of the increase in aggregate business concentration also observed in recent years. We show that, in that sector, weak investment and rising concentration are associated with rising productivity. Additionally, stronger productivity is correlated with intangible investment, both over time and across subindustries. Intangible investment may thus provide a joint explanation for rising productivity, weak capital investment, and increasing industry concentration.

JEL-codes: D24 D25 E22 G31 L13 (search for similar items in EconPapers)
Date: 2018
Note: DOI: 10.1257/pandp.20181007
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Citations: View citations in EconPapers (33)

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