Can Intangible Capital Explain Cyclical Movements in the Labor Wedge?
研究了无形资本（特别是客户资本）对商业周期的影响，发现将其纳入标准模型能产生波动且逆周期的劳动楔子，为劳动楔子的周期性波动提供新解释。
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.