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A Comment on Nishimura, Nakajima, and Kiyota's "Does the natural selection mechanism still work in severe recessions? Examination of the Japanese economy in the 1990s"
Horioka, Charles Yuji; Okada, Tae - National Bureau of Economic Research (NBER) - 2007
Nishimura et al. (2005) analyze the entry/exit behavior of Japanese firms during the 1990s and find that relatively efficient firms exited while relatively inefficient firms survived during the banking-crisis period of 1996-97. They conclude that the natural selection mechanism (NSM) apparently...
Persistent link: https://www.econbiz.de/10005084454
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What Drives Aggregate Investment?
Bachmann, Rüdiger; Zorn, Peter - National Bureau of Economic Research (NBER) - 2013
Using firm-level survey data for the West German manufacturing sector, this paper revisits the technology-driven business cycle hypothesis for the case of aggregate investment. We construct a survey-based measure of technology shocks to gauge their contribution to short-run investment...
Persistent link: https://www.econbiz.de/10010969200
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Sources of Firm Life-Cycle Dynamics: Differentiating Size vs. Age Effects
Kueng, Lorenz; Yang, Mu-Jeung; Hong, Bryan - National Bureau of Economic Research (NBER) - 2014
What determines firm growth over the life-cycle? Exploiting unique firm panel data on internal organization, balance sheets and innovation, representative of the entire Canadian economy, we study recent theories that examine life-cycle patterns for firm growth. These theories include...
Persistent link: https://www.econbiz.de/10010951103
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Productivity and Potential Output Before, During, and After the Great Recession
Fernald, John - National Bureau of Economic Research (NBER) - 2014
U.S. labor and total-factor productivity growth slowed prior to the Great Recession. The timing rules out explanations that focus on disruptions during or since the recession, and industry and state data rule out "bubble economy" stories related to housing or finance. The slowdown is located in...
Persistent link: https://www.econbiz.de/10011271468
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The Causes of Japan's "Lost Decade": The Role of Household Consumption
Horioka, Charles Yuji - National Bureau of Economic Research (NBER) - 2006
In this paper, I analyze the causes of the prolonged slowdown of the Japanese economy in the 1990s and find that the stagnation of investment, especially private fixed investment, was the primary culprit. I then investigate the causes of the stagnation of household consumption during the 1990s...
Persistent link: https://www.econbiz.de/10005084727
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Trade Adjustment and Productivity in Large Crises
Neiman, Brent; Gopinath, Gita - National Bureau of Economic Research (NBER) - 2011
We empirically characterize the mechanics of trade adjustment during the Argen- tine crisis using detailed transaction-level customs data covering the universe of import transactions during 1996-2008. Though imports collapsed by nearly 70 percent from 2000-2002, the entry and exit of firms or...
Persistent link: https://www.econbiz.de/10009652864
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Unmeasured Investment and the Puzzling U.S. Boom in the 1990s
Prescott, Edward C.; McGrattan, Ellen R. - National Bureau of Economic Research (NBER) - 2007
The basic neoclassical growth model accounts well for the postwar cyclical behavior of the U.S. economy prior to the 1990s, provided that variations in population growth, depreciation rates, total factor productivity, and taxes are incorporated. For the 1990s, the model predicts a depressed...
Persistent link: https://www.econbiz.de/10005718882
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Productivity and U.S. Macroeconomic Performance: Interpreting the Past and Predicting the Future with a Two-Sector Real Business Cycle Model
Ireland, Peter; Schuh, Scott - National Bureau of Economic Research (NBER) - 2007
A two-sector real business cycle model, estimated with postwar U.S. data, identifies shocks to the levels and growth rates of total factor productivity in distinct consumption- and investment-goods-producing technologies. This model attributes most of the productivity slowdown of the 1970s to...
Persistent link: https://www.econbiz.de/10005089102
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Stochastic Growth in the United States and Euro Area
Ireland, Peter - National Bureau of Economic Research (NBER) - 2011
This paper estimates, using data from the United States and Euro Area, a two-country stochastic growth model in which both neutral and investment-specific technology shocks are nonstationary but cointegrated across economies. The results point to large and persistent swings in productivity, both...
Persistent link: https://www.econbiz.de/10008788765
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The Impact of Plant-level Resource Reallocations and Technical Progress on U.S. Macroeconomic Growth
Petrin, Amil; White, T. Kirk; Reiter, Jerome P. - National Bureau of Economic Research (NBER) - 2011
during this period of declining share in U.S. GDP. We find that aggregate reallocation made a larger contribution to growth … than aggregate technical efficiency. Our estimates of the contribution of reallocation range from 1.7% to 2.1% per year …% larger than that of aggregate total reallocation, pointing to an important role for technical efficiency in macroeconomic …
Persistent link: https://www.econbiz.de/10008805809