Download or read book Essays on Macroeconomic and Regional Dynamics written by Antonio Fatás and published by . This book was released on 1993 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Macroeconomic Dynamics written by Bernard Lonergan and published by University of Toronto Press. This book was released on 1999-12-25 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Few theologians in history have matched Bernard Lonergan's range of learning. Fewer still have written on the "dismal science" of economics. Rooted so solidly in the concerns of this world, economics is not a discipline we associate with the more rarified pursuit of theology. In this long-awaited volume, Lonergan demonstrates the short-sightedness of this view. This companion volume to For A New Political Economy (Collected Works of Bernard Lonergan, Volume 21) continues the work of bringing together the various elements of Lonergan's economic thought. His economic writings span forty years and represent one of the most important intellectual achievements of the twentieth century. They have previously been inaccessible outside of the Lonergan research community as the majority of them have not been formally published, and exist only as a group of unfinished essays and material for courses on economics taught by Lonergan. Lonergan's economic ideas track a different line of thought from that taken by contemporary economists. Macroeconomic Dynamics: An Essay in Circulation Analysis represents the economic thought of Lonergan at the end of his career. His analysis, while taking a fresh look at fundamental variables, breaks from centralist theory and practice towards a radically democratic perspective on surplus income and non-political control, and explores more fully the ideas introduced in For a New Political Economy. This work will be read not only by economists but also by liberation theologians, political theologians, and others inside and outside of religious organizations interested in social justice issues and alternative approaches to economics.

Download or read book Essays in Linear Economic Structures written by R.M. Goodwin and published by Springer. This book was released on 1983-06-18 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on macroeconomic dynamics written by Pedro Pablo Álvarez Lois and published by . This book was released on 2001 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Macroeconomics and Firm Dynamics written by Liyan Shi and published by . This book was released on 2018 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contributes towards the understanding of the macroeconomic effects of micro-level firm dynamics, in particular firm entry, exit, and innovation activities in driving aggregate economic dynamism and growth. It focuses on the frictions affecting firms in these activities when contracting with their managers and workers, as well as peers, and the corrective role policies can play. The dissertation consists of two chapters. The first chapter, "Restrictions on Executive Mobility and Reallocation: The Aggregate Effect of Non-Competition Contracts", assesses the aggregate effect of non-competition employment contracts, agreements that exclude employees from joining competing firms for a duration of time, in the managerial labor market. These contracts encourage firm investment but restrict manager mobility. To explore this tradeoff, I develop a dynamic contracting model in which firms use non-competition to enforce buyout payment when their managers are poached, ultimately extracting rent from outside firms. Such rent extraction encourages initial employing firms to undertake more investment, as they partially capture the external payoff, but distorts manager allocation. I show that the privately-optimal contract over-extracts rent by setting an excessively long non-competition duration. Therefore, restrictions on non-competition can improve efficiency. To quantitatively evaluate the theory, I assemble a new dataset on non-competition contracts for executives in U.S. public firms. Using the contract data, I find that executives under non-competition are associated with a lower separation rate and higher firm investment. I also provide new empirical evidence consistent with non-competition reducing wage-backloading in the model. The calibrated model suggests that the optimal restriction on non-competition duration is close to banning non-competition. The second chapter, "Knowledge Creation and Diffusion with Limited Appropriation" (joint with Hugo Hopenhayn), studies the interaction of innovation and imitation in driving economic growth. In relation to a series of recent papers in the macro literature have emphasized the interaction between the two forces, we introduce two key elements in considering the incentives to innovate versus imitate. First, we consider frictions in matching innovators and imitators in the process of knowledge diffusion. Second, while most of the recent literature assume that imitators capture the entire surplus from knowledge diffusion, we consider a general bargaining problem between the innovators and imitators in dividing surplus. In a simple one period model, we derive a Hosios condition for the optimal surplus division when firms are ex-ante homogeneous. But we also find that as the degree of firm heterogeneity increases, innovators' share of surplus must decrease to maximize growth, approaching zero for sufficiently large heterogeneity. Our calibrated dynamic model suggests that the optimal share of surplus innovators appropriate should be at the lower end, consistent with weak intellectual property rights.

Download or read book Essays in Open Macroeconomic Dynamics written by Jingxian Hu and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Macroeconomic Dynamics written by David R. Munro and published by . This book was released on 2016 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: The motivation of my dissertation research has been to develop a better understanding of the mechanisms behind business cycle fluctuations in employment and firm dynamics. I have an interest in these issues not only because I find business cycle phenomena interesting, but because it is crucial in designing economic policies that can help mitigate the severity of recessions. To answer these questions my dissertation research has focused on outcomes and behavior at the individual and firm level.

Download or read book Essays on Macroeconomic Dynamics written by Stephen McKnight and published by . This book was released on 2006 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Macroeconomics Dynamics written by flavien moreau and published by . This book was released on 2019 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation focuses on the macroeconomic implications of firms' behavior. How do capital and labor substitute for each other? How large are the inefficiencies created by anti- competitive behavior? How does the distribution of the size of firms interact with merger regulations? In the first chapter, I investigate the question of the substitutability of labor and capital at the firm-level and then in the whole economy. Using a novel empirical strategy and comprehensive administrative data. I find that the amount of substitution between capital and labor is actually fairly limited. In the second chapter, I study the distortions created by anti-competitive behavior in an oligopolistic setting. I find that the direct negative welfare impact of cartels is amplified by an umbrella pricing effect, whereby firms outside of the cartel also raise their prices. In the third chapter, I trace the implications of antitrust policies on the firm size distri- bution. I find that under threshold-based rules, all mergers above a certain size might need to be blocked in order for the size distribution to stabilize. Finally, the techniques used to study the dynamics of firms can fruitfully be applied to other areas. In particular, in the last chapter, jointly written with Adriana Lleras-Muney, we use a dynamic model to explore the evolution of mortality rates.

Download or read book Essays on the Macroeconomic and Financial Causes of the Great Recession written by Juan Jose Ospina Tejeiro and published by . This book was released on 2017 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is composed of three essays that study the macroeconomic and financial causes of the Great Recession. The first chapter focuses on understanding some of the business cycle dynamics of different regions in the United States. In particular, I seek to understand what shocks and frictions are the drivers of consumption and employment differences across subnational economies, particularly states. I find that the shocks and frictions that drive the aggregate business cycle are not enough to understand regional business cycle dynamics. In this chapter I develop methodological contributions that can help researchers guide the construction of models whose goal is to understand regional business cycle dynamics and how it relates to aggregate business cycle dynamics. The second chapter focuses on understanding the link between regional and aggregate business cycles. We find that that the shocks that we can identify using cross-sectional variation are insufficient to understand the joint dynamics of prices, wages and employment at business cycle frequencies. In particular, demand shocks identified using cross-region variation are insufficient to explain the persistent decline in aggregate employment. This chapter develops methodological contributions to identify shocks in macroeconomic models and to construct regional indexes for prices and wages. The third chapter is an empirical analysis of the non-agency mortgage backed securities market, which has been at the core of the explanations of the causes of the Great Recession. By carefully studying the cash flows, returns, and how they relate to the credit ratings, we find that contrary to the conventional narrative of the crisis, AAA-rated subprime mortgage backed securities performed remarkably well. This calls into question some key aspects of the explanations that have been given as triggers of the crisis of 2008, and points at the need to better understand the forces behind this event in order to have a more accurate understanding and be able to prescribe appropriate policies.

Download or read book Essays on Macroeconomics and Firm Dynamics written by Lei Zhang and published by . This book was released on 2016 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three essays at the interaction between macroeconomics and the financial market, with an emphasis on macroeconomic implications of heterogeneous firms under financial frictions. My dissertation explores the relationships among financial market friction, firms' entry and exit behaviors, and job reallocation over the business cycle. Chapter 1 examines the macroeconomic effects of financial leverage and firms' endogenous entry and exit on job reallocation over the business cycle. Financial leverage and the extensive margin are the keys to explain job reallocation at both the firm-level and the aggregate level. I build a general equilibrium industry dynamics model with endogenous entry and exit, a frictional labor market, and borrowing constraints. The model provides a novel theory that financially constrained firms adjust employment more often. I characterize an analytical solution to the wage bargaining problem between a leveraged firm and workers. Higher financial leverage allows constrained firms to bargain for lower wages, but also induces higher default risks. In the model, firms adopt (S,s) employment decision rules. Because the entry and exit firms are more likely to be borrowing constrained, a negative shock affects the inaction regions of the entry and exit firms more than that of the incumbents. In the simulated model, the extensive margin explains 36% of the job reallocation volatility, which is very close to the data and is quantitatively significant. Chapter 2 investigates firms' financial behaviors and size distributions over the business cycle. We propose a general equilibrium industry dynamics model of firms' capital structure and entry and exit behaviors. The financial market frictions capture both the age dependence and size dependence of firms' size distributions. When we add the aggregate shocks to the model, it can account for the business cycle patterns of firm dynamics: 1) entry is more procyclical than exit; 2) debt is procyclical, and equity issuance is countercyclical; and 3) the cyclicalities of debt and equity issuance are negatively correlated with firm size and age. Chapter 3 studies the equilibrium pricing of complex securities in segmented markets by risk-averse expert investors who are subject to asset-specific risk. Investor expertise varies, and the investment technology of investors with more expertise is subject to less asset-specific risk. Expert demand lowers equilibrium required returns, reducing participation, and leading to endogenously segmented markets. Amongst participants, portfolio decisions and realized returns determine the joint distribution of financial expertise and financial wealth. This distribution, along with participation, then determines market-level risk bearing capacity. We show that more complex assets deliver higher equilibrium returns to expert participants. Moreover, we explain why complex assets can have lower overall participation despite higher market-level alphas and Sharpe ratios. Finally, we show how complexity affects the size distribution of complex asset investors in a way that is consistent with the size distribution of hedge funds.

Download or read book Essays in Macroeconomics and Firm Dynamics written by Maryam Vaziri and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Financial Frictions and Macroeconomic Dynamics written by Juan Pablo Medina Guzman and published by . This book was released on 2004 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Macroeconomic Dynamics written by Kanya Gowthami Paramaguru and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Macroeconomic Dynamics in the Medium Term written by Jean-Paul K. Tsasa and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Dynamic Macroeconomic Policy written by Ali Shourideh and published by . This book was released on 2012 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Macroeconomics with Heterogeneous Regions written by Chang Liu and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies macroeconomics with regional heterogeneity in three general dimensions. First, it documents some novel empirical patterns of regional heterogeneity (in Chapter 1, 2, 3). Second, these empirical facts are used to identify key economic forces underlying theoretical models (in Chapter 1 and 3). Third, aggregate implications of regional heterogeneity are also studied (in Chapter 1). In the first chapter of this dissertation, I highlight time-varying regional risk and federal fiscal transfer policy as two competing forces driving regional risk sharing over the business cycle and in turn quantify their impacts on aggregate fluctuations. I find that during an economic downturn, increased regional risk worsens risk sharing and amplifies the impact of aggregate productivity shocks. However, state-contingent federal government transfers provide additional risk sharing and help stabilize the aggregate economy, by providing insurance to the regions that need it the most. In the second chapter (joint with Noah Williams), we first estimate a quarterly dataset for state-level aggregates by building a novel empirical framework that allows for mixed-frequency raw data with measurement errors. We then apply this dataset to study the monetary policy effects at the state levels. We find that states behave remarkably homogeneous with each other in their responses of output and price to an unanticipated monetary policy shock. In the third chapter (joint with Noah Williams), we use the state-level quarterly dataset to analyze the impact of unexpected changes in federal personal and corporate income taxes. We find substantial heterogeneity in the impact of federal fiscal policy across states, with more than half having no significant response to the tax cuts. In addition, less capital-intensive states have larger responses to corporate tax cuts. Although puzzling in standard models, a model with corporate and non-corporate sectors is consistent with this evidence. Overall, our results suggest the importance of variation and reallocation across states in evaluating federal policy.