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Gutiérrez Gallardo, Germán; Jones, Callum; Philippon, … - 2019

We combine a structural model with cross-sectional micro data to identify the causes and consequences of rising concentration in the US economy. Using asset prices and industry data, we estimate realized and anticipated shocks that drive entry and concentration. We validate our approach by...

Persistent link: https://www.econbiz.de/10012154591

Investment : Specific Technology Shocks and International Business Cycles: An Empirical Assessment

International Monetary Fund - 2010

In this paper, we first introduce investment-specific technology (IST) shocks to an otherwise standard international … the relative price of investment to build and estimate these IST processes across the U.S and a ""rest of the world …

Persistent link: https://www.econbiz.de/10014397271

Intangible investment and low inflation : a framework and some evidence

Lall, Subir; Zeng, Li - 2020

Intangible investment is growing as a share of economic activity. We present a simple framework incorporating its … distinguishing characteristic of generally greater scalability and lower marginal costs than tangible investment. We show evidence … large constituent of intangible investment, may be leading to wage stagnation and greater market concentration …

Persistent link: https://www.econbiz.de/10012302067

Financial crises, investment slumps, and slow recoveries

Cerra, Valerie; Hakamada, Mai; Lama C., Ruy - 2021

particular focus on the role played by financial frictions and investment dynamics. The paper provides two main contributions …. First, we empirically document that lower investment during financial crises is the key factor leading to permanent loss of …

Persistent link: https://www.econbiz.de/10012610732

Structural changes in Japanese firms : business dynamism in an aging society

Hong, Gee Hee; Ito, Arata; Saito, Yukiko Umeno; Anh Thi … - 2020

The COVID-19 pandemic has posed a serious threat to the survival of Japanese firms, highlighting the importance of understanding how and why firms exit. In this paper, we use a rich firm-level dataset of Japanese firms to document how firm exit patterns have evolved between 2007 and 2017. Firm...

Persistent link: https://www.econbiz.de/10012302043

Death and taxes : does taxation matter for firm survival?

Cevik, Serhan; Miryugin, Fedor - 2019

This paper investigates the impact of taxation on firm survival, using hazard models and a large-scale panel dataset on over 4 million nonfinancial firms from 21 countries over the period 1995-2015. We find ample evidence that a lower level of effective marginal tax rate improves firms' survival...

Persistent link: https://www.econbiz.de/10012019820

Globalization Drives Strategic Product Switching

Moreno Badia, Marialuz - 2008

Using firm-level data for Estonia for the years 1997-2005, we analyze the impact of international competition on firm dynamics, considering both firm closedown and product switching. We contribute to the literature in two important ways: (1) this is the first paper to study the determinants of...

Persistent link: https://www.econbiz.de/10014401739

Lost and found : market access and public debt dynamics

Bassanetti, Antonio; Cottarelli, Carlo; Presbitero, Andrea - 2016

The empirical literature on sovereign debt crises identifies the level of public debt (measured as a share of GDP) as a key variable to predict debt defaults and to determine sovereign market access. This evidence has led to the widespread use of (country-specific) debt thresholds to assess debt...

Persistent link: https://www.econbiz.de/10011716332

Market reforms at the zero lower bound

Cacciatore, Matteo; Duval, Romain; Fiori, Giuseppe; … - 2017

This paper studies the impact of product and labor market reforms when the economy faces major slack and a binding constraint on monetary policy easing. such as the zero lower bound. To this end, we build a two-country model with endogenous producer entry, labor market frictions, and nominal...

Persistent link: https://www.econbiz.de/10011748736

How do regulations of entry and credit access relate to industry competition? : international evidence

Igan, Deniz; Mirzaei, Ali; Moore, Tomoe - 2018

We examine the extent to which regulations of entry and credit access are related to competition using data on 28 manufacturing sectors across 64 countries. A robust finding is that bureaucratic and costly entry regulations tend to hamper competition, as proxied by the price-cost margin, in the...

Persistent link: https://www.econbiz.de/10011848240