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What Caused the Decline in U. S. Business Cycle Volatility?

Gordon, Robert J - C.E.P.R. Discussion Papers - 2005

This paper investigates the sources of the widely noticed reduction in the volatility of American business cycles since the mid 1980s. Our analysis of reduced volatility emphasizes the sharp decline in the standard deviation of changes in real GDP, of the output gap, and of the inflation rate....

Persistent link: https://www.econbiz.de/10005067357

The Real Effects of Investor Sentiment

Polk, Christopher; Sapienza, Paola - C.E.P.R. Discussion Papers - 2003

Does inefficiency of financial markets have real consequences? Or does it only result in transfers of wealth from noise traders to arbitrageurs? We study firm business investment to address this question. In our model, benevolent managers of overvalued companies invest in projects with negative...

Persistent link: https://www.econbiz.de/10005067581

Americans Do I.T. Better: US Multinationals and the Productivity Miracle

Bloom, Nicholas; Sadun, Raffaella; Van Reenen, John - C.E.P.R. Discussion Papers - 2007

The US has experienced a sustained increase in productivity growth since the mid-1990s, particularly in sectors that intensively use information technologies (IT). This has not occurred in Europe. If the US “productivity miracle” is due to a natural advantage of being located in the US then...

Persistent link: https://www.econbiz.de/10005114281

Labour and the Market Value of the Firm

Merz, Monika; Yashiv, Eran - C.E.P.R. Discussion Papers - 2004

-pricing model with frictions in the adjustment of both capital and labor. We posit that hiring of labour is akin to investment in … capital and that the two interact, with the interaction being a crucial determinant of market value behaviour. We use …, employment, gross investment and physical capital. We find that a conventional specification — quadratic adjustment costs for …

Persistent link: https://www.econbiz.de/10005114309

Political Risk And Irreversible Investment: Theory And An Application To Quebec

Altug, Sumru G.; Demers, Fanny S; Demers, Michel - C.E.P.R. Discussion Papers - 2000

that regime increases the marginal adjustment cost of investing, reduces the expected marginal value of capital, and …

Persistent link: https://www.econbiz.de/10005114366

Privatization, Entry Regulation and the Decline of Labour's Share of GDP: A Cross-Country Analysis of the Network Industries

Azmat, Ghazala; Manning, Alan; Van Reenen, John - C.E.P.R. Discussion Papers - 2007

Labour's share of GDP in most OECD countries has declined over the last two decades. Some authors have suggested that these changes are linked to deregulation of product and labour markets. To examine this we focus on a large quasi-experiment in the OECD: the privatization of many network...

Persistent link: https://www.econbiz.de/10005114490

How Much Does the UK Invest in Intangible Assets?

Giorgio Marrano, Mauro; Haskel, Jonathan - C.E.P.R. Discussion Papers - 2007

-2000, with intangible investment about equal to tangible capital investment. Our work, using a similar method, suggests the UK … development etc.), about 14% on branding, about 20% on training and the rest on organisational capital. …

Persistent link: https://www.econbiz.de/10005656338

Financial Constraints in China: Firm-Level Evidence

Poncet, Sandra; Steingress, Walter; Vandenbussche, Hylke - C.E.P.R. Discussion Papers - 2009

capital alleviates credit constraints faced by private Chinese firms. Thirdly, geographical and sectoral presence of state … restructuring of the state-owned sector and further liberalization of foreign capital inflows in China can help to circumvent …

Persistent link: https://www.econbiz.de/10005661590

Population Ageing and International Capital Flows

Domeij, David; Flodén, Martin - C.E.P.R. Discussion Papers - 2004

We use the neoclassical growth framework to model international capital flows in a world with exogenous demographic … significant fraction of capital flows between OECD countries, in particular after 1985. …

Persistent link: https://www.econbiz.de/10005661601

Uncertainty and Company Investment Dynamics: Empirical Evidence for UK Firms

Bloom, Nicholas; Bond, Stephen Roy; Van Reenen, John - C.E.P.R. Discussion Papers - 2003

This Paper investigates the empirical relationship between uncertainty and investment dynamics. This is motivated by the real options literature, which suggests a weaker response of investment to demand shocks at higher levels of uncertainty, as firms place a greater value on the option to wait....

Persistent link: https://www.econbiz.de/10005666662