There is widespread support for tax policies providing special treatment for small
businesses. This paper reviews standard efficiency and equity criteria for such tax-subsidies …

This paper surveys empirical research on depreciation based on an econometric model of
asset prices introduced by Hall in 1971 and shows how Hall's model provides a vehicle for …

This paper presents direct measures of capital costs, equal to the product of the required
rate of return on capital and the value of the capital stock. The capital share, equal to the …

Technological change and deregulation have caused a major restructuring of the
telecommunications equipment industry over the last two decades. We estimate the …

This paper documents the fundamental role played by factor accumulation in explaining the
extraordinary postwar growth of Hong Kong, Singapore, South Korea, and Taiwan …

Using data from a unique nationally representative sample of businesses, we examine the
impact of workplace practices, information technology, and human capital investments on …

Does the positive correlation between infrastructure and productivity reflect causation? If so,
in which direction? I find that when growth in roads (the largest component of infrastructure) …

We examine the effects of bank–firm relationships on firm performance in Japan. When
access to capital markets is limited, close bank–firm ties increase the availability of capital to …

ECONOMISTS and policymakers have long been interested in measuring the effects of
changes in the returns to and costs of business fixed investment. That interest reflects both …

The possibility that workers could be adversely affected by increasingly stringent
environmental policies has led to claims of a “jobs versus the environment” trade-off by both …