NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Investment-less Growth: An Empirical Investigation

Germán Gutiérrez, Thomas Philippon

NBER Working Paper No. 22897
Issued in December 2016, Revised in January 2017

---- Acknowledgements ----

We are grateful to Janice Eberly, Olivier Blanchard, Toni Whited, René Stulz, Martin Schmalz, Boyan Jovanovic, Tano Santos, Charles Calomiris, Glenn Hubbard, Holger Mueller, Alexis Savov, Philipp Schnabl, Ralph Koijen, Ricardo Caballero, Emmanuel Farhi, Viral Acharya, and seminar participants at Columbia University and New York University for stimulating discussions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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