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Diewert, W. Erwin - 2021

The paper revisits Harper, Berndt and Wood (1989) and calculates Canadian reproducible capital services aggregates under alternative assumptions about the form of depreciation, the opportunity cost of capital and the treatment of capital gains. Five different models of depreciation are...

Persistent link: https://www.econbiz.de/10013219681

Private Money Production Without Banks

Gorton, Gary B. - 2022

I test the Dang, Gorton, and Holmström (2018) (DGH) theory that the optimal design of private money is debt backed by debt. I do this in the context of English inland bills of exchange (where all parties to the bill were in England), which were used as a medium of exchange during the Industrial...

Persistent link: https://www.econbiz.de/10013322131

Fiscal Policy in Debt Constrained Economies

Aguiar, Mark - 2011

We study optimal fiscal policy in a small open economy (SOE) with sovereign and private default risk. The SOE … run outcome if the private agents are impatient relative to the international interest rate and the economy is subject to … sovereign debt constraints. The front loading of labor taxes allows the economy to build a large (aggregate) debt position in …

Persistent link: https://www.econbiz.de/10013120194

Productivity Volatility and the Misallocation of Resources in Developing Economies

Collard-Wexler, Allan - 2011

We investigate the role of dynamic production inputs and their associated adjustment costs in shaping the dispersion of total factor productivity (TFP) and static measures of capital misallocation within a country. Using data on 5,010 establishments in 33 developing countries from the World...

Persistent link: https://www.econbiz.de/10013122876

Capital and Labor Reallocation Inside Firms

Giroud, Xavier - 2012

We document how a plant-specific shock to investment opportunities at one plant of a firm ("treated plant") spills over to other plants of the same firm--but only if the firm is financially constrained. While the shock triggers an increase in investment and employment at the treated plant, this...

Persistent link: https://www.econbiz.de/10013096857

Misallocation, Property Rights, and Access to Finance : Evidence from within and Across Africa

Kalemli-Ozcan, Sebnem - 2012

We study capital misallocation within and across 10 African countries using the World Bank Enterprise Surveys. First, we compare the extent of misallocation among firms within countries. We document high variation in firms' marginal product of capital (MPK), implying that countries could produce...

Persistent link: https://www.econbiz.de/10013107022

Balanced Growth Despite Uzawa

Grossman, Gene M. - 2016

The evidence for the United States points to balanced growth despite falling investment-good prices and an elasticity of substitution between capital and labor less than one. This is inconsistent with the Uzawa Growth Theorem. We extend Uzawa's theorem to show that the introduction of human...

Persistent link: https://www.econbiz.de/10013001767

Capital Reallocation

Eisfeldt, Andrea L. - 2018

Capital reallocation is procyclical, despite measured productive reallocative opportunities being acyclical, or even countercyclical. This paper reviews the advances in the literature studying the causes and consequences of capital reallocation (or lack thereof). We provide a comprehensive set...

Persistent link: https://www.econbiz.de/10012910643

Target Setting and Allocative Inefficiency in Lending : Evidence from Two Chinese Banks

Cao, Yiming - 2018

We study the consequences of month-end lending incentives for Chinese bank managers. Using data from two banks, one state-owned and the other partially privatized, we show a clear increase in lending in the final days of each month, a result of both more loan issuance and higher value per loan....

Persistent link: https://www.econbiz.de/10012911690

Flexible Production and Entry : Institutional, Technological, and Organizational Determinants

Belenzon, Sharon - 2019

Academics, the media, and policymakers have all raised concerns about the implications of human workers being replaced by machines or software. Few have discussed the implications of the reverse: firms' ability to replace capital with workers. We show that this flexibility can help new firms...

Persistent link: https://www.econbiz.de/10012890476

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