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About the Author(s)

Photo of Janice Eberly

Janice Eberly is the James R. and Helen D. Russell Professor of Finance and a senior associate dean at the Kellogg School of Management at Northwestern University. Her research focuses on investment and its financing, including durable goods, portfolio and education choices by households and capital investments by firms. In recent work, she has studied intangible investment and its connection to innovation and rents. She is affiliated with the NBER’s Economic Fluctuations and Growth, Asset Pricing, and Monetary Economics Programs.

Eberly served as assistant secretary for economic policy and chief economist at the US Department of the Treasury in 2011–13. She received a Sloan Research Fellowship and is a fellow of the American Academy of Arts and Sciences. She has served as vice president of the American Economic Association and is currently coeditor of the Brookings Papers on Economic Activity and a nonresident senior fellow of the Brookings Institution. She received her PhD in economics from MIT.


1. Accounting rules allow some intangible investments, such as the costs of internal software development, to be capitalized. But these remain the exception rather than the rule. R&D spending, one of the dominant forms of intangible investment, is expensed in accounting data.   Go to ⤴︎
2. Investment Hollowing Out,” Alexander L, Eberly J. IMF Economic Review 66(1), March 2018, pp. 5–30.   Go to ⤴︎
3. Intangibles, Investment, and Efficiency,” Crouzet N, Eberly J. AEA Papers and Proceedings 108, May 2018, pp. 426–431.   Go to ⤴︎
4. Understanding Weak Capital Investment: The Role of Market Concentration and Intangibles,” Crouzet N, Eberly J. Federal Reserve Bank of Kansas City, Jackson Hole Economic Policy Symposium 2018, published March 2019, and NBER Work Paper 25869, May 2019. Return to Text Go to ⤴︎
5. Intangibles, Markups, and the Measurement of Productivity Growth,” Crouzet N, Eberly J. NBER Working Paper 29109, July 2021, and Journal of Monetary Economics 124, November 2021, pp. S92–S109.   Go to ⤴︎
6. Rents and Intangible Capital: A Q+ Framework,” Crouzet N, Eberly J. NBER Working Paper 28988, July 2021. Forthcoming in Journal of Finance; “Pitfalls in Financial Model Building,” Brainard W, Tobin J. American Economic Review 58(2), May 1968, pp. 99–122; and “Tobin’s Marginal q and Average q: A Neoclassical Interpretation,” Hayashi F. Econometrica 50(1), January 1992, pp. 213–224. Return to Text Go to ⤴︎
7. The Economics of Intangible Capital,” Crouzet N, Eberly J, Eisfeldt A, Papanikolaou D. Journal of Economic Perspectives 36(3), Summer 2022, pp. 29–52; and “A Model of Intangible Capital,” Crouzet N, Eberly J, Eisfeldt A, Papanikolaou D. NBER Working Paper 30376, August 2022. Return to Text   Go to ⤴︎
8. “‘Potential Capital,’ Working from Home, and Economic Resilience,” Eberly J, Haskel J, Mizen P. NBER Working Paper 29431, October 2021.   Go to ⤴︎

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