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Sunk costs for R&D are an important determinant of the level of innovation in the economy. In this paper I recover them using a Markov equilibrium framework. The contribution is twofold. First, a model of industry dynamics which accounts for selection into R&D, capital accumulation and...
Persistent link: https://www.econbiz.de/10003904403
We show that credit supply shocks have a strong impact on firm-level as well as aggregate investment by applying the methodology developed by Amiti and Weinstein (2013) to a rich dataset of matched bank-firm loans in the Portuguese economy for the period 2005 to 2013. We argue that their...
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In this paper we investigate the process of job search, using a unique, large-scale data set for Portugal that allows …
Persistent link: https://www.econbiz.de/10013428179
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market institutions and macroeconomic outcomes. Portugal occupies an unenviable rank order in such measures of the stringency …' institutional detail on the nature of employment protection in Portugal; and, second, and more substantively, by offering a detailed … analysis of the process of labor djustment in Portugal, benchmarked to other-country experience. The latter exercise based on a …
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We use variation in oil output among Brazilian municipalities to investigate the effects of resource windfalls. We find muted effects of oil through market channels: offshore oil has no effect on municipal non-oil GDP or its composition, while onshore oil has only modest effects on non-oil GDP...
Persistent link: https://www.econbiz.de/10003904418