01679cas a2200253 a 4500 AALejournalIMF021249 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513557335 1018-5941 BD-DhAAL BD-DhAAL Lall, Subir. Intangible Investment and Low Inflation : A Framework and Some Evidence / Subir Lall, Li Zeng. Washington, D.C. : International Monetary Fund, 2020. 1 online resource (26 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Intangible investment is growing as a share of economic activity. We present a simple framework incorporating its distinguishing characteristic of generally greater scalability and lower marginal costs than tangible investment. We show evidence that this may have contributed to more elastic aggregate supply in recent years, which is consistent with lower inflation and a flattening of the Phillips curve. This framework also highlights the channels through which technological change, a large constituent of intangible investment, may be leading to wage stagnation and greater market concentration. Mode of access: Internet Zeng, Li. IMF Working Papers; Working Paper ; No. 2020/190 Full text available on IMF http://elibrary.imf.org/view/journals/001/2020/190/001.2020.issue-190-en.xml IMF e-Library