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Financial Frictions, Investment and Tobin's q

Lorenzoni, Guido - 2007

We develop a model of investment with financial constraints and use it to investigate the relation between investment and Tobin's q. A firm is financed partly by insiders, who control its assets, and partly by outside investors. When their wealth is scarce, insiders earn a rate of return higher...

Persistent link: https://www.econbiz.de/10012465562

The Coronavirus and the Great Influenza Pandemic : Lessons from the “Spanish Flu” for the Coronavirus’s Potential Effects on Mortality and Economic Activity

Barro, Robert J. - 2020

.1 percent of world population, implying 150 million deaths when applied to current population. Regressions with annual …

Persistent link: https://www.econbiz.de/10012482047

Volatility and Growth : Credit Constraints and Productivity-Enhancing Investment

Aghion, Philippe - 2005

We examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby volatility and growth. We first develop a simple growth model where firms engage in two types of investment: a short-term one and a long-term productivity-enhancing one. Because it...

Persistent link: https://www.econbiz.de/10012467334

Deflation and Depression : Is There and Empirical Link?

Atkeson, Andrew - 2004

Are deflation and depression empirically linked? No, concludes a broad historical study of inflation and real output growth rates. Deflation and depression do seem to have been linked during the 1930s. But in the rest of the data for 17 countries and more than 100 years, there is virtually no...

Persistent link: https://www.econbiz.de/10012468425

Boom-Bust Cycles in Middle Income Countries : Facts and Explanation

Tornell, Aaron - 2002

In this paper we characterize empirically the comovements of macro variables typically observed in middle income countries, as well as the boom-bust cycle' that has been observed during the last two decades. We find that many countries that have liberalized their financial markets, have...

Persistent link: https://www.econbiz.de/10012469490

Cross-Country Evidence on the Link Between Volatility and Growth

Ramey, Garey - 1994

This paper presents empirical evidence against the standard dichotomy in macroeconomics that separates growth from the volatility of economic fluctuations. In a sample of 92 countries as well as a sample of OECD countries, we find that countries with higher volatility have lower growth. The...

Persistent link: https://www.econbiz.de/10012473940

Business Cycle Volatility and Openness : An Exploratory Cross-Section Analysis

Razin, Assaf - 1992

This paper links business cycle volatility to barriers on international mobility of goods and capital. Theory predicts that capital market integration should lower consumption volatility while raising investment volatility, if most shocks are country-specific and transitory. The removal of...

Persistent link: https://www.econbiz.de/10012474757

Corporate Liquidity, Acquisitions, and Macroeconomic Conditions

Erel, Isil - 2017

Firms hold liquid assets to enhance their ability to invest efficiently when external financing costs are high, especially during poor macroeconomic conditions. Using a sample of 47,378 acquisitions from 36 countries between 1997 and 2014, we study how the relation between firms' cash holdings...

Persistent link: https://www.econbiz.de/10012455188

Growth and Childbearing in the Short- and Long-Run

Chatterjee, Shoumitro - 2016

aggregate income change is mixed. We analyze economic growth and fertility change in the developing world over six decades …

Persistent link: https://www.econbiz.de/10012455680

World Shocks, World Prices, and Business Cycles : An Empirical Investigation

Fernández, Andrés - 2016

intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This … paper presents an empirical framework in which multiple commodity prices and the world interest rate transmit world … disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate that world shocks explain on average 33 …

Persistent link: https://www.econbiz.de/10012455847

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