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Structural Transformation of Occupation Employment
Duernecker, Georg; Herrendorf, Berthold - 2021
We use census data to show that structural transformation reflects a fundamental reallocation of labor from goods to services, instead of a relabelling that occurs when goods-producing firms outsource their in-house service production. The novelty of our approach is that it categorizes labor by...
Persistent link: https://www.econbiz.de/10013211114
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Quadratic Costs, Innovation and Welfare : The Role of Technology
Marjit, Sugata - 2020
In a Cournot oligopoly set up with constant marginal cost and linear demand, innovation is rewarding. In this paper we … work with a Cournot oligopoly framework with increasing marginal cost and linear demand and show that innovation may not be … interaction we attempt to capture and explain is the one of technology with the possibility of innovation via the intensity of …
Persistent link: https://www.econbiz.de/10012824572
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Think Locally, Act Locally : Spillovers, Spillbacks, and Efficient Decentralized Policymaking
Ogawa, Hikaru; Wildasin, David E. - 2021
decentralized system can still result in globally efficient allocation …
Persistent link: https://www.econbiz.de/10013316740
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Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy
González, Beatriz; Nuno, Galo; Thaler, Dominik; … - 2021
We analyze monetary policy in a New Keynesian model with heterogeneous firms and financial frictions. Firms differ in their productivity and net worth and face collateral constraints that cause capital misallocation. TFP endogenously depends on the time-varying distribution of firms. Although a...
Persistent link: https://www.econbiz.de/10013311708
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Banks, Credit Reallocation, and Creative Destruction
Keuschnigg, Christian; Kogler, Michael; Matt, Johannes - 2022
How do banks facilitate creative destruction and shape firm turnover? We develop a dynamic general equilibrium model of bank credit reallocation with endogenous firm entry and exit that allows for both theoretical and quantitative analysis. By restructuring loans to firms with poor prospects and...
Persistent link: https://www.econbiz.de/10014241611
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Smart Hedging against Carbon Leakage
Böhringer, Christoph - 2019
combine an emission trading system (ETS) with output-based allocation (OBA) of allowances to exposed industries. We first show … hence be regarded as smart hedging against carbon leakage …
Persistent link: https://www.econbiz.de/10012859992
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A Probabilistic Solution to High-Dimensional Continuous-Time Macro and Finance Models
Huang, Ji - 2023
This paper introduces the probabilistic formulation of continuous-time economic models: forward stochastic differential equations (SDE) govern the dynamics of backward-looking variables, and backward SDEs capture that of forward-looking variables. Deep learning streamlines the search for the...
Persistent link: https://www.econbiz.de/10014345557
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Endogenous Task-Based Technical Change - Factor Scarcity and Factor Prices -
Irmen, Andreas - 2020
This paper develops a static model of endogenous task-based technical progress to study how factor scarcity induces technological progress and changes in factor prices. The equilibrium technology is multi-dimensional and not strongly factor-saving in the sense of Acemoglu (2010). Nevertheless,...
Persistent link: https://www.econbiz.de/10012836938
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Two-Sided Platforms and Biases in Technology Adoption
Choi, Jay Pil - 2020
We investigate the relationship between market structure and platforms' incentives to adopt technological innovations in two-sided markets, where platforms may find it optimal to charge zero price on the consumer side and to extract surplus on the advertising side. We consider innovations that...
Persistent link: https://www.econbiz.de/10012822500
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Technology Gaps, Trade and Income
Sampson, Thomas - 2019
theory characterizes how innovation and learning determine technology gaps, trade and global income inequality. Countries … with higher R&D efficiency are richer and have comparative advantage in more innovation-dependent industries where the … innovation-dependence by industry from R&D and bilateral trade data. Calibrating the model implies technology gaps, due to cross …
Persistent link: https://www.econbiz.de/10012866618