Download or read book Investment Shocks Capacity Utilization and Endogenous Entries written by Ryo Jinnai and published by . This book was released on 2014 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies a model that includes investment-specific technological shocks, a variable capacity utilization rate, and endogenous product entry subject to sunk product development costs. These factors constitute a powerful amplification mechanism as they interact with each other. The model generates an economic boom in a state in which people anticipate a future endogenous productivity rise; replicates the empirical patterns of economic fluctuations, both at the business cycle frequency and at a medium frequency; and replicates the empirical negative correlation between the net entry rates and the real investment prices over business cycles.

Download or read book Entry Costs and the Macroeconomy written by Germán Gutiérrez and published by International Monetary Fund. This book was released on 2019-11-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: We combine a structural model with cross-sectional micro data to identify the causes and consequences of rising concentration in the US economy. Using asset prices and industry data, we estimate realized and anticipated shocks that drive entry and concentration. We validate our approach by showing that the model-implied entry shocks correlate with independently constructed measures of entry regulations and M&As. We conclude that entry costs have risen in the U.S. over the past 20 years and have depressed capital and consumption by about seven percent.

Download or read book Entry Costs and the Macroeconomy written by Germán Gutiérrez and published by International Monetary Fund. This book was released on 2019-11-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: We combine a structural model with cross-sectional micro data to identify the causes and consequences of rising concentration in the US economy. Using asset prices and industry data, we estimate realized and anticipated shocks that drive entry and concentration. We validate our approach by showing that the model-implied entry shocks correlate with independently constructed measures of entry regulations and M&As. We conclude that entry costs have risen in the U.S. over the past 20 years and have depressed capital and consumption by about seven percent.

Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.

Download or read book Traverse Hysteresis and Normal Rates of Capacity Utilization in Kaleckian Models of Growth and Distribution written by Marc Lavoie and published by . This book was released on 1995 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Labor Credit and Goods Markets written by Nicolas Petrosky-Nadeau and published by MIT Press. This book was released on 2017-11-10 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: An integrated framework to study the theoretical and quantitative properties of economies with frictions in labor, financial, and goods markets. This book offers an integrated framework to study the theoretical and quantitative properties of economies with frictions in multiple markets. Building on analyses of markets with frictions by 2010 Nobel laureates Peter A. Diamond, Dale T. Mortensen, and Christopher A. Pissarides, which provided a new theoretical approach to search markets, the book applies this new paradigm to labor, finance, and goods markets. It shows, in particular, how frictions in different markets interact with each other. The book first covers the main developments in the analysis of the labor market in the presence of frictions, offering a systematic analysis of the dynamics of this environment and explaining the notion of macroeconomic volatility. Then, building on the generality and simplicity of the search analysis, the book adapts it to other markets, developing the tools and concepts to analyze friction in these markets. The book goes beyond the traditional general equilibrium analysis of markets, which is often frictionless. It begins with the standard analysis of a single market, and then sequentially integrates more markets into the analysis, progressing from labor to financial to goods markets. Along the way, the book provides a number of useful results and insights, including the existence of a direct link between search frictions and the degree of volatility in the economy.

Download or read book International Finance Discussion Papers written by and published by . This book was released on 2009 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book What is the Impact of Increased Business Competition written by Sónia Félix and published by International Monetary Fund. This book was released on 2019-12-13 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the macroeconomic effect and underlying firm-level transmission channels of a reduction in business entry costs. We provide novel evidence on the response of firms' entry, exit, and employment decisions. To do so, we use as a natural experiment a reform in Portugal that reduced entry time and costs. Using the staggered implementation of the policy across the Portuguese municipalities, we find that the reform increased local entry and employment by, respectively, 25% and 4.8% per year in its first four years of implementation. Moreover, around 60% of the increase in employment came from incumbent firms expanding their size, with most of the rise occurring among the most productive firms. Standard models of firm dynamics, which assume a constant elasticity of substitution, are inconsistent with the expansionary and heterogeneous response across incumbent firms. We show that in a model with heterogeneous firms and variable markups the most productive firms face a lower demand elasticity and expand their employment in response to increased entry.

Download or read book Quantity Controls License Transferability and the Level of Investment written by Ms.Ling Hui Tan and published by International Monetary Fund. This book was released on 2001-12-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper models investment/entry decisions in a competitive industry that is subject to a quantity control on an input for production. The quantity control is implemented by auctioning licenses for the restricted input (e.g., a pollution permit or a production license). The paper shows that liberalizing the quantity control could reduce investment in the industry under certain circumstances. Furthermore, the level of investment is quite different when licenses are tradable than when they are not. Key factors in the comparison include the elasticity of demand for the final good and the degree of input substitutability. Two examples are computed to illustrate the results.

Download or read book The Credit View of Investment and Monetary Policy written by Hongren Wang and published by . This book was released on 1998 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Path to Full Employment written by Ellen Carlson and published by . This book was released on 2002 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reality bites: employment policy in a measurement vacuum / Steven Barrett ; More jobs and better jobs? / John Burgess ; Structural change and unemployment in regional Australia-- reflections on a case study of north-east New South Wales / Jeremy Buultjens, Dennis Howard & Steve Moffat ; Labour underutilisation in Australia / Ellen Carlson & William Mitchell ; False promise or false premise? Evaluating the Job Network / Sally Cowling & William Mitchell ; Home ownership and unemployment: does the Oswald thesis hold for Australian regions? / Paul Flatau et al. ; Working hours, productivity, participation and unemployment: a regional investigation of the UK / David Harvie, Bruce Philp & Gary Slater ; Re-engineering and managerialism: the tabula rasa approach to policy and administration / Jim Jose & Victor Quirk ; Regional innovation policies and guaranteed employment strategies / James Juniper ; Welfare dynamics of mature age customers: an analysis using the FaCS longitudinal data set / Anil Kumar & John De Maio ; Risk technology in Australia: the role of the Job Seeker Classification Instrument in employment services / Catherine McDonald, Greg Marston & Amma Buckley ; Public debt management and Australia's macroeconomic priorities / William Mitchell & Warren Mosler ; Investment asymmetries, inflation and unemployment / William Mitchell & Joan Muysken ; Fiscal policy and financial fragility: why macroeconomic policy is failing / William Mitchell & Luke Reedman ; Does receiving a breach penalty from Centrelink coerce unemployed people to comply with the government's wishes? / Simon Schooneveldt & John Tomlinson ; The relevance of policies on pay to the pursuit of full employment / Greg Smith ; Employment outcomes for indigenous participants of vocational education and training programs--a comparison between urban, regional and remote locations in South Australia / Tom Stehlik ; The structuring power of the French new contracts of employment / Annabelle Stella-Caumel.

Download or read book Handbook of the Fundamentals of Financial Decision Making written by Leonard C. MacLean and published by World Scientific. This book was released on 2013 with total page 941 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook in two parts covers key topics of the theory of financial decision making. Some of the papers discuss real applications or case studies as well. There are a number of new papers that have never been published before especially in Part II.Part I is concerned with Decision Making Under Uncertainty. This includes subsections on Arbitrage, Utility Theory, Risk Aversion and Static Portfolio Theory, and Stochastic Dominance. Part II is concerned with Dynamic Modeling that is the transition for static decision making to multiperiod decision making. The analysis starts with Risk Measures and then discusses Dynamic Portfolio Theory, Tactical Asset Allocation and Asset-Liability Management Using Utility and Goal Based Consumption-Investment Decision Models.A comprehensive set of problems both computational and review and mind expanding with many unsolved problems are in an accompanying problems book. The handbook plus the book of problems form a very strong set of materials for PhD and Masters courses both as the main or as supplementary text in finance theory, financial decision making and portfolio theory. For researchers, it is a valuable resource being an up to date treatment of topics in the classic books on these topics by Johnathan Ingersoll in 1988, and William Ziemba and Raymond Vickson in 1975 (updated 2 nd edition published in 2006).

Download or read book NBER Macroeconomics Annual 2005 written by Kenneth S. Rogoff and published by MIT Press. This book was released on 2006-04 with total page 479 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 20th NBER Macroeconomics Annual, covering questions at the cutting edge of macroeconomics that are central to current policy debates.

Download or read book Long run Implications of Investment specific Technological Change written by Jeremy Greenwood and published by London, Ont. : Department of Economics, University of Western Ontario. This book was released on 1995 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Credit Supply and Productivity Growth written by Francesco Manaresi and published by International Monetary Fund. This book was released on 2019-05-17 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP.

Download or read book A Financial Social Accounting Matrix for the Integrated Macroeconomic Model for Poverty Analysis written by Christian Arnault Emini and published by World Bank Publications. This book was released on 2004 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Survey of Current Business written by and published by . This book was released on with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt: