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Entry costs and the macroeconomy
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
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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
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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
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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
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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
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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
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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
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What is the impact of increased business competition?
Félix, Sónia; Maggi, Chiara - 2019
This paper studies the macroeconomic effect and underlying firm-level transmission channels of a reduction in business entry costs. We provide novel evidence on the response of firms' entry, exit, and employment decisions. To do so, we use as a natural experiment a reform in Portugal that...
Persistent link: https://www.econbiz.de/10012155037
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Innovate to lead or innovate to prevail : when do monopolistic rents induce growth?
Piazza, Roberto; Zheng, Yu - 2019
This paper extends the Schumpeterian model of creative destruction by allowing followers' cost of innovation to increase in their technological distance from the leader. This assumption is motivated by the observation the more technologically ad- vanced the leader is, the harder it is for a...
Persistent link: https://www.econbiz.de/10012155163
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The macroeconomic effects of labor and product market reforms in Morocco
Sarr, Babacar; Benlamine, Mokhtar; Munkacsi, Zsuzsa - 2019
This paper studies the macroeconomic effects and sequencing of (LMRs) and product (PMRs) market reforms in Morocco. It finds that introducing LMRs and PMRs simultaneously would add about 2.5 percentage points (pp) of GDP growth and reduce unemployment by about 2.2 pp after five years. If...
Persistent link: https://www.econbiz.de/10012122485