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How Firms Respond to Business Cycles : the Role of Firm Age and Firm Size
Fort, Teresa - 2014
There remains considerable debate in both the theoretical and empirical literature about the differences in the cyclical dynamics of firms by firm size. Some have hypothesized that small firms are more sensitive to cycles while others have posited that larger firms are more sensitive....
Persistent link: https://www.econbiz.de/10013063659
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Adaptation and the Boundary of Multinational Firms
Costinot, Arnaud - 2010
integration is to facilitate adaptation in a world where uncertainty is resolved over time. This paper offers the first empirical … analysis of the impact of adaptation on the boundary of multinational firms. To do so, we first develop a ranking of sectors in … demonstrate that, in line with adaptation theories of the firm, the share of intrafirm trade tends to be higher in less routine …
Persistent link: https://www.econbiz.de/10012757958
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Do You Know that I Know that You Know...? Higher-Order Beliefs in Survey Data
Coibion, Olivier - 2018
We implement a new survey of firms, focusing on their higher-order macroeconomic expectations. The survey provides a novel set of stylized facts regarding the relationship between first-order and higher-order expectations of economic agents, including how they adjust their beliefs in response to...
Persistent link: https://www.econbiz.de/10012911492
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International Financial Adjustment in a Canonical Open Economy Growth Model
Clarida, Richard - 2016
Gourinchas and Rey (2007) have shown that international financial adjustment (IFA) in the path of expected future returns on a country's international investment portfolio can complement or even substitute for the traditional adjustment channel via a narrowing of country's current account...
Persistent link: https://www.econbiz.de/10012980680
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Gradual Portfolio Adjustment : Implications for Global Equity Portfolios and Returns
Bacchetta, Philippe - 2017
Modern open economy macro models assume the continuous adjustment of international portfolio allocation. We introduce gradual portfolio adjustment into a global equity market model. Our approach differs from related literature in two key dimensions. First, the time interval between portfolio...
Persistent link: https://www.econbiz.de/10012957370
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Flexible Prices and Leverage
D'Acunto, Francesco - 2017
The frequency with which firms adjust output prices helps explain persistent differences in capital structure across firms. Unconditionally, the most flexible-price firms have a 19% higher long-term leverage ratio than the most sticky-price firms, controlling for known determinants of capital...
Persistent link: https://www.econbiz.de/10012964908
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Climate Change Adaptation : Lessons from Urban Economics
Kahn, Matthew E. - 2014
In an urbanizing world economy featuring thousands of cities, households and firms have strong incentives to make locational investments and self protection choices to reduce their exposure to new climate change induced risks. This pursuit of self interest reduces the costs imposed by climate...
Persistent link: https://www.econbiz.de/10013043276
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Deriving Risk Adjustment Payment Weights to Maximize Efficiency of Health Insurance Markets
Layton, Timothy J. - 2016
Risk adjustment of payments to health plans is fundamental to regulated competition among private insurers, which serves as the basis of national health policy in many countries. To date, estimation and evaluation of a risk adjustment model has been a two-step process. In a first step, the...
Persistent link: https://www.econbiz.de/10012982943
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On the Connections between Intertemporal and Intra-Temporal Trades
Ju, Jiandong - 2011
This paper develops a new theory of international economics by introducing Heckscher-Ohlin features of intra-temporal trade into an intertemporal trade approach of current account. To do so, we consider a dynamic general equilibrium model with tradable sectors of different factor intensities,...
Persistent link: https://www.econbiz.de/10013119039
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The Micro-Macro Disconnect of Purchasing Power Parity
Bergin, Paul R. - 2010
This paper reconciles the persistence of aggregate real exchange rates with the faster adjustment of international relative prices in microeconomic data. Panel estimation of an error correction model using a micro data set uncovers new stylized facts regarding this puzzle. First, adjustment to...
Persistent link: https://www.econbiz.de/10013149574