Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/144848 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
Hannover Economic Papers (HEP) No. 574
Verlag: 
Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät, Hannover
Zusammenfassung: 
Does the world experience a secular decline in capital productivity? Due to the long-run downward trend in interest rates, some economists do think so. However, this reasoning equates capital productivity with interest, which is a critical assumption. This paper presents a new proxy that can be used to estimate capital productivity. It is based on weighted average cost of capital (WACC), which are employed by firms in their investment appraisals as a benchmark return. The paper uses an original WACC data set for many OECD countries and for the time period 2000-2015. Data are adjusted for tax distortions and expected inflation. The principle finding is that the data do not indicate a long-run decline in capital productivity.
Schlagwörter: 
capital productivity
cost of capital
interest-growth-differential
WACC
JEL: 
D24
E22
E43
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
515.65 kB





Publikationen in EconStor sind urheberrechtlich geschützt.