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Differences in Quarterly Utilization-Adjusted TFP by Vintage, with an Application to News Shocks

Sims, Eric R. - 2016

This paper documents large differences across vintages in the properties of the widely-used quarterly utilization-adjusted TFP series produced by Fernald (2014), who provides updated data each quarter on his website. The most recent vintage of the adjusted TFP series has correlations with...

Persistent link: https://www.econbiz.de/10012456521

Productivity and Misallocation in General Equilibrium

Baqaee, David Rezza - 2017

impact of a shock can be boiled down into two components: its "pure" technology effect; and its effect on allocative …

Persistent link: https://www.econbiz.de/10012453706

Trade Policy and Industrial Sector Responses : Using Evolutionary Models to Interpret the Evidence

Erdem, Erkan - 2003

Firm- and plant-level empirical studies typically find that trade liberalization squeezes price-cost margins among import-competing firms, that this heightened competitive pressure induces productivity gains among these same firms, and that further efficiency gains come from market share...

Persistent link: https://www.econbiz.de/10012468750

Permission to Exist

Byford, Martin C. - 2014

We provide a new model that generates persistent performance differences amongst seemingly similar enterprises. Our model provides a mechanism whereby efficient incumbent rivals can give permission for an inefficient firm to exist in the presence of efficient entrants. We demonstrate that, in a...

Persistent link: https://www.econbiz.de/10012458155

Firm Heterogeneity, Endogenous Entry, and the Business Cycle

Ottaviano, Gianmarco I.P. - 2011

This paper investigates the role that the entry and exit of heterogeneous firms plays in shaping aggregate fluctuations in economic activity. In so doing, it develops a dynamic stochastic general equilibrium model in which procyclical entry and countercyclical exit along a real business cycle...

Persistent link: https://www.econbiz.de/10012461225

Anatomy of a Credit Crunch : From Capital to Labor Markets

Buera, Francisco J. - 2014

decline in output--explained by a drop in aggregate total factor productivity and investment--and a protracted increase in …

Persistent link: https://www.econbiz.de/10012458667

Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics

Khan, Aubhik - 2007

We study a model of lumpy investment wherein establishments face persistent shocks to common and plant …-specific productivity, and nonconvex adjustment costs lead them to pursue generalized (S,s) investment rules. We allow persistent … the first model consistent with available evidence on establishment-level investment rates. Examining the implications of …

Persistent link: https://www.econbiz.de/10012465811

Global Versus Country-Specific Productivity Shocks and the Current Account

Glick, Reuven - 1992

significance. This paper derives highly tractable current account and investment specifications that we estimate without resorting …-specific productivity shocks tend to worsen the current account, whereas global shocks have little effect. Both types of shock raise … investment. It is a puzzle, however, for the intertemporal model that long-lasting local productivity shocks have a larger impact …

Persistent link: https://www.econbiz.de/10012474830

Cross-Sectoral Variation in The Volatility of Plant-Level Idiosyncratic Shocks

Castro, Rui - 2011

We estimate the volatility of plant-level idiosyncratic shocks in the U.S. manufacturing sector. Our measure of volatility is the variation in Revenue Total Factor Productivity which is not explained by either industry- or economy-wide factors, or by establishments' characteristics. Consistent...

Persistent link: https://www.econbiz.de/10012460998

Investment Dispersion and the Business Cycle

Bachmann, Ruediger - 2011

We document a new business cycle fact: the cross-sectional standard deviation of firm-level investment (investment … dispersion) is robustly and significantly procyclical. This makes investment dispersion different from the dispersion of … productivity and output growth, which is countercyclical. Investment dispersion is more procyclical in the goods-producing sectors …

Persistent link: https://www.econbiz.de/10012461797