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Declining Volatility in the U.S. Automobile Industry
Ramey, Valerie A.; Vine, Daniel J. - 2021
This paper documents the dramatic changes in volatility that occurred in the U.S. auto industry in the early 1980s …. Namely, output volatility declined significantly, the covariance of inventory investment and sales became much more negative …
Persistent link: https://www.econbiz.de/10013242929
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Monetary Policy and Asset Prices : A Look Back at Past U.S. Stock Market Booms
Bordo, Michael D. - 2011
This paper examines the economic environments in which past U.S. stock market booms occurred as a first step toward understanding how asset price booms come about and whether monetary policy should be used to defuse booms. We identify several episodes of sustained rapid rise in equity prices in...
Persistent link: https://www.econbiz.de/10013127756
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Microeconomic Uncertainty, International Trade, and Aggregate Fluctuations
Alessandria, George - 2014
The extent and direction of causation between micro volatility and business cycles are debated. We examine, empirically …
Persistent link: https://www.econbiz.de/10013044984
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Idea Diffusion and Property Rights
Jovanovic, Boyan; Wang, Zhu - 2022
We study the innovation and diffusion of technology at the industry level. We derive the full dynamic paths of an industry's evolution, from birth to its maturity, and we characterize the impact of diffusion on the incentive to innovate. The model implies that protection of innovators should be...
Persistent link: https://www.econbiz.de/10014091108
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Healthcare Exceptionalism? Performance and Allocation in the U.S. Healthcare Sector
Chandra, Amitabh - 2018
The conventional wisdom in health economics is that idiosyncratic features of the healthcare sector leave little scope for market forces to allocate consumers to higher performance producers. However, we find robust evidence across a variety of conditions and performance measures that higher...
Persistent link: https://www.econbiz.de/10012936864
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From Good to Bad Concentration? U.S. Industries Over the Past 30 Years
Covarrubias, Matias - 2019
We study the evolution of profits, investment and market shares in US industries over the past 40 years. During the 1990's, and at low levels of initial concentration, we find evidence of efficient concentration driven by tougher price competition, intangible investment, and increasing...
Persistent link: https://www.econbiz.de/10012867646
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Healthcare Exceptionalism? Productivity and Allocation in the U.S. Healthcare Sector
Chandra, Amitabh - 2014
The conventional wisdom in health economics is that large differences in average productivity across hospitals are the result of idiosyncratic, institutional features of the healthcare sector which dull the role of market forces. Strikingly, however, we find that productivity dispersion in heart...
Persistent link: https://www.econbiz.de/10013063567
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The Extensive Margin, Sectoral Shares and International Business Cycles
Devereux, Michael B. - 2011
This paper documents some previously neglected features of sectoral shares at business cycle frequencies in OECD economies. In particular, we find that the nontraded sector share of output is as volatile as aggregate GDP, and that for most countries, the nontraded sector is distinctly...
Persistent link: https://www.econbiz.de/10013121594
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Tracking the Source of the Decline in GDP Volatility : An Analysis of the Automobile Industry
Ramey, Valerie A.; Vine, Daniel J. - 2021
volatility of U.S. GDP growth beginning in 1984. Determining whether the source is good luck, good policy or better inventory … volatility by studying the behavior of the U.S. automobile industry, where the changes in volatility have mirrored those of the … aggregate data. We find that changes in the relative volatility of sales and output, which have been interpreted by some as …
Persistent link: https://www.econbiz.de/10013227767
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The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy
Caliendo, Lorenzo - 2014
We study the impact of intersectoral and interregional trade linkages in propagating disaggregated productivity changes to the rest of the economy. Using regional and industry data we obtain the aggregate, regional and sectoral elasticities of measured TFP, GDP, and employment to regional and...
Persistent link: https://www.econbiz.de/10013053162