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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
This paper examines how employer- and worker-specific productivity shocks transmit to earnings and employment in an economy with search frictions and firm commitment. We develop an equilibrium search model with worker and firm shocks and characterize the optimal contract offered by competing...
Persistent link: https://www.econbiz.de/10012482279
Economies respond differently to aggregate shocks that reduce output. While some countries rapidly recover their pre-crisis trend, others stagnate. Recent studies provide empirical support for a link between aggregate growth and plant dynamics through its effect on productivity: the entry and...
Persistent link: https://www.econbiz.de/10012468109
An analysis of the performance of GDP, employment and other labor market variables following the troughs in postwar U.S. business cycles points to much slower recoveries in the three most recent episodes, but does not reveal any significant change over time in the relation between GDP and...
Persistent link: https://www.econbiz.de/10012460574
product market, concerning in particular entry barriers, are negatively related to investment. The implications of our … analysis are clear: regulatory reforms, especially those that liberalize entry, are very likely to spur investment …
Persistent link: https://www.econbiz.de/10012469140
We analyze private fixed investment in the U.S. over the past 30 years. We show that investment is weak relative to … two broad categories of explanations: theories that predict low investment because of low Q, and theories that predict low … investment despite high Q. We argue that the data does not support the first category, and we focus on the second one. We use …
Persistent link: https://www.econbiz.de/10012455783
This paper examines the decision to enter the export market by German firms. While exports have played an important role in recent German business cycle movements, little is known about the export supply response of German firms. This paper presents a dynamic model of the export decision by a...
Persistent link: https://www.econbiz.de/10012472269
One of the most important developments in the growth literature of the last decade is the enhanced appreciation of the role that the misallocation of resources plays in helping us understand income differences across countries. Misallocation at the micro level typically reduces total factor...
Persistent link: https://www.econbiz.de/10012461916
We use more than one century of Argentine and Mexican data to estimate the structural parameters of a small-open-economy real-business-cycle model driven by nonstationary productivity shocks. We find that the RBC model does a poor job at explaining business cycles in emerging countries. We then...
Persistent link: https://www.econbiz.de/10012466032
We provide empirical evidence that a positive shock to technology drives per capita hours worked, consumption …, investment, average productivity and output up. This evidence contrasts sharply with the results reported in a large and growing … literature that argues, on the basis of aggregate data, that per capita hours worked fall after a positive technology shock. We …
Persistent link: https://www.econbiz.de/10012468879