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On the Ubiquity of Declining Business Dynamism
Hummels, David; Yue, Kan - National Bureau of Economic Research - 2024
Recent work documents declining business dynamism in the United States, with concerning implications for markups, innovation and productivity. Using import data for 146 countries over three decades we document a set of new stylized facts describing market dynamism world-wide. Market entry rates...
Persistent link: https://www.econbiz.de/10014576666
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A Unified Theory of Firm Selection and Growth
Arkolakis, Costas - 2011
This paper studies the effects of marketing choice to firm growth. I assume that firm-level growth is the result of idiosyncratic productivity improvements with continuous arrival of new potential producers. A firm enters a market if it is profitable to incur the marginal cost to reach the first...
Persistent link: https://www.econbiz.de/10012461105
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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
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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
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Disasters Risk and Business Cycles
Gourio, François - 2009
probability of disaster leads to a collapse of investment and a recession, an increase in risk spreads, and a decrease in the … of business cycle dynamics, especially sharp downturns in investment and output such as 2008-IV …
Persistent link: https://www.econbiz.de/10012463250
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Financial Market Shocks and the Macroeconomy
Subrahmanyam, Avanidhar - 2013
Feedback from stock prices to cash flows occurs because information revealed by firms' stock prices influences the actions of competitors. We explore the implications of feedback within a noisy rational expectations setting with incumbent publicly traded firms and privately held new entrants. In...
Persistent link: https://www.econbiz.de/10012459278
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The Dynamic Impact of Exporting on Firm R&D Investment
Maican, Florin G. - 2020
This article estimates a dynamic structural model of firm R&D investment in twelve Swedish manufacturing industries and … uses it to measure rates of return to R&D and to simulate the impact of trade restrictions on the investment incentives. R … both the expected return to R&D and R&D investment level, thus reducing an important source of the dynamic gains from trade …
Persistent link: https://www.econbiz.de/10012482206
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R&D, Investment and Industry Dynamics
Lach, Saul - 1992
by subsequent embodiments in physical capital. Traditionally, the only distinction between R&D and physical investment … the observed higher volatility of physical investment (relative to R&D expenditures) …
Persistent link: https://www.econbiz.de/10012474919
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The Macroeconomic Impact of Microeconomic Shocks : Beyond Hulten's Theorem
Baqaee, David Rezza - 2017
We provide a nonlinear characterization of the macroeconomic impact of microeconomic productivity shocks in terms of reduced-form non-parametric elasticities for efficient economies. We also show how structural parameters are mapped to these reduced-form elasticities. In this sense, we extend...
Persistent link: https://www.econbiz.de/10012455536
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Revisions in Utilization-Adjusted TFP and Robust Identification of News Shocks
Kurmann, André - 2017
revisions in Fernald's series. When applied to U.S. data, the shock predicts sustained future productivity growth while … variables. The shock does, however, not lead to comovement in macroeconomic aggregates as typically associated with business …
Persistent link: https://www.econbiz.de/10012455539