Replication data for: Can Intangible Capital Explain Cyclical Movements in the Labor Wedge?
Principal Investigator(s): View help for Principal Investigator(s) François Gourio; Leena Rudanko
Version: View help for Version V1
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P2014_1132_data | 12/06/2019 04:18:PM | ||
LICENSE.txt | text/plain | 14.6 KB | 12/06/2019 11:18:AM |
Project Citation:
Gourio, François, and Rudanko, Leena. Replication data for: Can Intangible Capital Explain Cyclical Movements in the Labor Wedge? Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-06. https://doi.org/10.3886/E116122V1
Project Description
Summary:
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Intangible capital is an important factor of production in modern economies that is generally neglected in business cycle analyses. We demonstrate that intangible capital can have a substantial impact on business cycle dynamics, especially if the intangible is complementary with production capacity. We focus on customer capital: the capital embodied in the relationships a firm has with its customers. Introducing customer capital into a standard real business cycle model generates a volatile and countercyclical labor wedge, due to a mismeasured marginal product of labor. We also provide new evidence on cyclical variation in selling effort to discipline the exercise.
Scope of Project
JEL Classification:
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D25 Intertemporal Firm Choice: Investment, Capacity, and Financing
E13 General Aggregative Models: Neoclassical
E22 Investment; Capital; Intangible Capital; Capacity
E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
E32 Business Fluctuations; Cycles
D25 Intertemporal Firm Choice: Investment, Capacity, and Financing
E13 General Aggregative Models: Neoclassical
E22 Investment; Capital; Intangible Capital; Capacity
E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
E32 Business Fluctuations; Cycles
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