Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Firms And Aggregate Dynamics
Download Firms And Aggregate Dynamics full books in PDF, epub, and Kindle. Read online Firms And Aggregate Dynamics ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Firms and Aggregate Dynamics by : Francesco A. Franco
Download or read book Firms and Aggregate Dynamics written by Francesco A. Franco and published by . This book was released on 2005 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the role of permanent and transitory shocks for firms and aggregate dynamics. We directly model the dynamics of a large panel of firms. We find that permanent shocks to productivity and permanent shifts in the composition of output explain at least 4/5 of firms dynamics. However, these permanent shocks are almost uncorrelated across firms, and are therefore less relevant for aggregate dynamics. Transitory shocks, on the other hand, are not very important at the firm level. However, because they are significantly correlated across firms they account for most of the volatility of aggregate hours and output. We also show that not using firm level data leads to misidentification of the permanent shocks. Finally, we try to make some progress on the interpretation of the shocks. We show that monetary shocks cause only transitory dynamics, while oil shocks also have permanent effects. We find that public spending shocks have a positive transitory effect, and that tax shocks have a negative transitory effect. We also find some evidence suggesting that both spending and tax shocks have negative permanent effects.
Book Synopsis Entry, Exit, Firm Dynamics, and Aggregate Fluctuations by : Gian Luca Clementi
Download or read book Entry, Exit, Firm Dynamics, and Aggregate Fluctuations written by Gian Luca Clementi and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Do firm entry and exit play a major role in shaping aggregate dynamics? Our answer is yes. Entry and exit propagate the effects of aggregate shocks. In turn, this results in greater persistence and unconditional variation of aggregate time-series. These are features of the equilibrium allocation in Hopenhayn (1992)'s model of equilibrium industry dynamics, amended to allow for investment in physical capital and aggregate fluctuations. In the aftermath of a positive productivity shock, the number of entrants increases. The new firms are smaller and less productive than the incumbents, as in the data. As the common productivity component reverts to its unconditional mean, the new entrants that survive become more productive over time, keeping aggregate efficiency higher than in a scenario without entry or exit.
Book Synopsis Firm Size Dynamics in the Aggregate Economy by : Esteban Rossi-Hansberg
Download or read book Firm Size Dynamics in the Aggregate Economy written by Esteban Rossi-Hansberg and published by . This book was released on 2005 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do firm growth and exit rates decline with size? What determines the size distribution of firms? This paper presents a theory of firm dynamics that simultaneously rationalizes the basic facts on firm growth, exit, and size distributions. The theory emphasizes the accumulation of industry specific human capital in response to industry specific productivity shocks. The theory implies that firm growth and exit rates should decline faster with size, and the size distribution should have thinner tails, in sectors that use human capital less intensively, or correspondingly, physical capital more intensively. In line with the theory, we document substantial sectoral heterogeneity in US firm dynamics and firm size distributions, which is well explained by variation in physical capital intensities.
Book Synopsis Firms' Relative Sensitivity to Aggregate Shock and the Dynamics of Gross Job Flows by : Eugenio P. Pinto
Download or read book Firms' Relative Sensitivity to Aggregate Shock and the Dynamics of Gross Job Flows written by Eugenio P. Pinto and published by . This book was released on 2009 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Firm Dynamics, Ownership and Aggregate Effects by : Henri Luomaranta
Download or read book Essays in Firm Dynamics, Ownership and Aggregate Effects written by Henri Luomaranta and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Administrative registers maintained by statistical offices on vastly heterogeneous firms have much untapped potential to reveal details on sources of productivity of firms and economies alike. It has been proposed that firm-level shocks can go a long way in explaining aggregate fluctuations. Based on novel monthly frequency data, idiosyncratic shocks are able to explain a sizable share of the Finnish economic fluctuations, providing support to the granular hypothesis. The global financial crisis of 2007-2008 has challenged the field of economic forecasting, and nowcasting has become an active field. This thesis shows that the information content of firm-level sales and truck traffic can be used for nowcasting GDP figures, by using a specific mixture of machine learning algorithms. The agency problem lies at the heart of much of economic theory. Based on a unique dataset linking owners, CEOs and firms, and exploiting plausibly exogenous variations in the separation of ownership and control, agency costs seem to be an important determinant of firm productivity. Furthermore, the effect appear strongest in medium-sized firms. Enterprise group structures might have important implications on the voluminous literature on firm size, as large share of SME employment can be attributed to affiliates of large business groups. Within firm variation suggests that enterprise group affiliation has heterogeneous impacts depending on size, having strong positive impact on productivity of small firms, and negative impact on their growth. In terms of aggregate job creation, it is found that the independent small firms have contributed the most. The results in this thesis underline the benefits of paying attention to samples encompassing the total population of firms. Researchers should continue to explore the potential of rich administrative data sources at statistical offices and strive to strengthen the ties with data producers.
Book Synopsis Financial Fragility, Patterns of Firms' Entry and Exit and Aggregate Dynamics by : Domenico Delli Gatti
Download or read book Financial Fragility, Patterns of Firms' Entry and Exit and Aggregate Dynamics written by Domenico Delli Gatti and published by . This book was released on 2003 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Producer Dynamics by : Timothy Dunne
Download or read book Producer Dynamics written by Timothy Dunne and published by University of Chicago Press. This book was released on 2009-05-15 with total page 623 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Census Bureau has recently begun releasing official statistics that measure the movements of firms in and out of business and workers in and out of jobs. The economic analyses in Producer Dynamics exploit this newly available data on establishments, firms, and workers, to address issues in industrial organization, labor, growth, macroeconomics, and international trade. This innovative volume brings together a group of renowned economists to probe topics such as firm dynamics across countries; patterns of employment dynamics; firm dynamics in nonmanufacturing industries such as retail, health services, and agriculture; employer-employee turnover from matched worker/firm data sets; and turnover in international markets. Producer Dynamics will serve as an invaluable reference to economists and policy makers seeking to understand the links between firms and workers, and the sources of economic dynamics, in the age of globalization.
Book Synopsis Firms' Relative Sensitivity to Aggregate Shocks and the Dynamics of Gross Job Flows by : Eugenio Pinto
Download or read book Firms' Relative Sensitivity to Aggregate Shocks and the Dynamics of Gross Job Flows written by Eugenio Pinto and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We propose a measure for the importance of aggregate shocks for fluctuations in job flows at the firm level. Using data for the Portuguese economy, we find that large and old firms exhibit higher relative sensitivity to aggregate shocks and have a disproportional influence over the dynamics of aggregate job reallocation. In the overall economy, since large and old firms reallocate jobs less procyclically than small and young firms, job reallocation is less procyclical than if firm size and age classes were equally sensitive to aggregate shocks. A similar result applies in the manufacturing and the transportation and public utilities sectors. However, in the services and retail trade sectors the reallocation patterns are more similar across firm size and age, likely reflecting the expansion of existing and the creation of new industries. We conclude that large and old firms seem relatively more important to assess the state of the business cycle.
Book Synopsis Firm Dynamics, Financing and Aggregate Productivity by : Huiyu Li
Download or read book Firm Dynamics, Financing and Aggregate Productivity written by Huiyu Li and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: (Chapter 1. Leverage and Productivity Financial frictions can reduce aggregate productivity) in particular when firms with high productivity cannot borrow against their earnings. This paper investigates the quantitative importance of this form of borrowing constraint using a large panel of firms in Japan. The firms are young and unlisted, precisely the firms for which credit frictions are expected to be the most severe. In this data, I find that firm leverage (asset-to-equity ratio) and firm output-to-capital ratios rise with firm productivity, both over time in a firm and across firms of the same age and cohort. I use these facts in indirect inference to estimate a standard general equilibrium model where financial frictions arise from the limited pledgeability of earnings and assets. In this model more financially constrained firms have higher output-to-capital ratios. The model matches the two facts the best when firms can pledge the equivalent of over half of their one-year-ahead earnings and one-fifth of their assets. Compared to the common assumption that firms can pledge only assets, aggregate productivity loss due to financing frictions is one-third smaller when earnings are also pledgeable to the degree seen in Japan. (Chapter 2. Income fluctuation problem) This paper studies the income fluctuation problem without imposing bounds on utility, assets, income or consumption. We prove that the Coleman operator is a contraction mapping over the natural class of candidate consumption policies when endowed with a metric that evaluates consumption differences in terms of marginal utility. We show that this metric is complete, and that the fixed point of the operator coincides with the unique optimal policy. As a consequence, even in this unbounded setting, policy function iteration always converges to the optimal policy at a geometric rate. (Chapter 3. Errorbounds) This paper derives explicit error bounds for numerical policies of $\eta$-concave stochastic dynamic programming problems, without assuming the optimal policy is interior. We demonstrate the usefulness of our error bound by using it to pinpoint the states at which the borrowing constraint binds in a widely used income fluctuation problem with standard calibrations and a firm production problem with financial constraints.
Book Synopsis Financial Markets, Creation and Liquidation of Firms and Aggregate Dynamics by : Alexander Monge Naranjo
Download or read book Financial Markets, Creation and Liquidation of Firms and Aggregate Dynamics written by Alexander Monge Naranjo and published by . This book was released on 1999 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Aggregate Dynamics of Capital Structure and Macroeconomic Risk by : Harjoat Singh Bhamra
Download or read book The Aggregate Dynamics of Capital Structure and Macroeconomic Risk written by Harjoat Singh Bhamra and published by . This book was released on 2009 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impact of time-varying macroeconomic conditions on optimal dynamic capital structure and the aggregate dynamics of firms in a cross-section. Our structural-equilibrium framework embeds a contingent-claim corporate financing model within a standard consumption-based asset-pricing model. This enables us to investigate the effect of macroeconomic conditions on asset valuation and optimal corporate policies as well as study the impact of preferences on capital structure. We find that capital structure is pro-cyclical at refinancing dates when firms relever, but counter-cyclical in aggregate dynamics, consistent with empirical evidence. Financially constrained firms follow more pro-cyclical policies. Capital structure is path-dependent. Leverage accounts for most of the macroeconomic risk relevant for predicting defaults. The paper also develops a number of novel empirically testable conjectures on capital structure in a dynamic economy.
Download or read book The Growth of Firms written by Alex Coad and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research into firm growth has been accumulating at a terrific pace, and Alex Coad s survey of this multifaceted field provides a detailed, comprehensive overview of the latest developments. Much progress has been made in empirical research into firm growth in recent decades due to factors such as the availability of detailed longitudinal datasets, more powerful computers and new econometric techniques. This book provides an up-to-date catalogue of empirical work, as well as a coherent theoretical structure within which these new results can be interpreted and understood. It brings together a large body of recent research on firm growth from a multidisciplinary perspective, providing an up-to-date synthesis of stylized facts and empirical regularities. Numerous empirical findings and theories of firm growth are also surveyed and compared in order to evaluate their validity. Drawing on a vast and diverse body of research, this book will prove invaluable to students, academics, policy makers and practitioners with a need to keep abreast of studies in industrial organization, firm growth and management.
Book Synopsis From Firm Productivity Dynamics to Aggregate Efficiency by : Bernabe Lopez-Martin
Download or read book From Firm Productivity Dynamics to Aggregate Efficiency written by Bernabe Lopez-Martin and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The author constructs a quantitative framework to evaluate how financial constraints can reduce productivity growth at the firm level and result in lower aggregate productivity. The author considers a model where firms are able to invest in innovation in order to increase their productivity, or knowledge capital. This investment is a costly and uncertain enterprise. As the capacity to obtain external funds is diminished, resources allocated to this effort will be reduced due to different mechanisms at work. First, the return of this investment in the case of success may be diminished by the inability to quickly increase production capacity if the credit necessary to do so is scarce (i.e., if entrepreneurs cannot rent the optimal level of physical capital). Second, financial constraints reduce profits obtained by entrepreneurs and therefore the amount of assets they are able to accumulate in every period. Finally, financially underdeveloped economies will be characterized by a lower average ability of entrepreneurs. This is due to the lower equilibrium wage in the economy, which results in a larger mass of individuals opting to set up firms. In the margin, these individuals tend to have lower ability to manage a firm and relatively low prospects of generating firm productivity growth through innovation.
Book Synopsis Firm Dynamics and Pricing Under Customer Capital Accumulation by : Pau Roldan
Download or read book Firm Dynamics and Pricing Under Customer Capital Accumulation written by Pau Roldan and published by . This book was released on 2017 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the macroeconomic implications of customer capital accumulation at the firm level. We build an analytically tractable search model of firm dynamics in which firms compete for customers by posting pricing contracts in the product market. Cross-sectional price dispersion emerges in equilibrium because firms of different sizes and productivities use different pricing strategies to strike a balance between attracting new customers and exploiting incumbent ones. Using micro-pricing data from the U.S. retail sector, we calibrate the model to match moments from the cross-sectional distribution of sales and prices, and use our estimated model to explain sluggish aggregate dynamics and cross-sectional heterogeneity in the response of markups to aggregate shocks. We find that there is incomplete price pass-through leading to procyclicality in the average markup, with smaller firms being more responsive to shocks than larger firms.
Book Synopsis Business Dynamics and Productivity by : OECD
Download or read book Business Dynamics and Productivity written by OECD and published by OECD Publishing. This book was released on 2017-03-31 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication focuses on business dynamics across eight countries (Belgium, Brazil, Canada, Costa Rica, Japan, New Zealand, Norway, United Kingdom) and over time, building upon the evidence collected in the framework of the OECD DynEmp project for 22 countries.
Book Synopsis Dynamics of Firms and Trade in General Equilibrium by : Robert Dekle
Download or read book Dynamics of Firms and Trade in General Equilibrium written by Robert Dekle and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Firm Dynamics and Random Search Over the Business Cycle by : Richard Audoly
Download or read book Firm Dynamics and Random Search Over the Business Cycle written by Richard Audoly and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I build a tractable random search model with firm dynamics, on-the-job search, and aggregate shocks. Multi-worker firms make recruitment decisions, choose whether to enter or exit the market, and design wage contracts. Tractability is obtained by showing that, under a set of assumptions on the recruitment technology, the decisions of workers and firms can be expressed in terms of the firms' current productivity. I introduce a numerical solution method to accommodate aggregate shocks in this environment and show that the model can replicate salient features of both firm-level data on productivity and employment and aggregate time series describing the business cycle. I use this framework to quantify the drivers of worker reallocation over the recent business cycle in Britain.
