Tangible and Intangible Capital

Published in: World Economics • Vol. 26 • No. 2 • April-June 2025 [original pdf] Key Points Major changes in national accounting were introduced between 1999 and 2012 by recategorizing spending on intellectual property (IP or IPP) as ‘final’ rather than ‘intermediate’...

How Share Prices Fluctuate

Published in: World Economics • Vol. 25 • No. 4 • October–December 2024 [original pdf] Key Points The stationarity of the stock market’s value (q) and the mean reversion of its real return are its most obvious and exceptional characteristics. These characteristics...