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Incomplete contracts and the internal organisation of firms
Aghion, Philippe; Van Reenen, John; Bloom, Nicholas - London School of Economics (LSE) - 2013
We survey the theoretical and empirical literature on decentralization within firms. We first discuss how the concept of incomplete contracts shapes our views about the organization of decision-making within firms. We then overview the empirical evidence on the determinants of decentralization...
Persistent link: https://www.econbiz.de/10011126085
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Fluctuations in uncertainty
Bloom, Nicholas - London School of Economics (LSE) - 2013
This review article tries to answer four questions: (i) what are the stylized facts about uncertainty over time; (ii …) why does uncertainty vary; (iii) do fluctuations in uncertainty matter; and (iv) did higher uncertainty worsen the Great … Recession of 2007-2009? On the first question both macro and micro uncertainty appears to rise sharply in recessions. On the …
Persistent link: https://www.econbiz.de/10011126328