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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/10012460069
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Producers and Predators
Grossman, Herschel I. - 1999
This paper explores a series of general-equilibrium models in which people can choose to be either producers or predators, and in which producers can allocate their resources either to production or to guarding their production against predators. The analysis shows how the ratio of predators to...
Persistent link: https://www.econbiz.de/10012471640
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Static and Dynamic Resource Allocation Effects of Corporate and PersonalTax Integration in the U.S : A General Equilibrium Approach(Rev)
Fullerton, Don - 1980
This paper presents estimates of static and dynamic general equilibrium resource allocation effects for four … dynamic resource allocation effects are sensitive to the choice of the replacement tax, while static gains are reasonably …
Persistent link: https://www.econbiz.de/10012478684
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Intergenerational Risk Sharing in the Spirit of Arrow, Debreu, and Rawls, with Applications to Social Security Design
Ball, Laurence - 2001
This paper examines the optimal allocation of risk in an overlapping-generations economy. It compares the allocation of … risk the economy reaches naturally to the allocation that would be reached if generations behind a Rawlsian 'veil of …
Persistent link: https://www.econbiz.de/10012470454
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The Creation of Effective Property Rights
Grossman, Herschel I. - 2000
with analysing the allocation of resources among productive uses and the distribution of the resulting product. But, this … effective property rights that inform allocation and distribution are themselves an alternative use of scarce resources ….This paper develops two canonical general-equilibrium models of resource allocation and income distribution that allow for the …
Persistent link: https://www.econbiz.de/10012470840
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Imperfect Financial Markets and Shareholder Incentives in Partial and General Equilibrium
Albagli, Elias - 2017
We analyze the firm-level and aggregate consequences of equity market imperfections in the form of noisy information aggregation for corporate risk-taking and investment. Market imperfections cause controlling shareholders to invest too much in upside risks and too little in downside risks in an...
Persistent link: https://www.econbiz.de/10012455262
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The Real and Financial Implications of Corporate Hedging
Campello, Murillo - 2010
of financial distress. In theory, this should ease a firm's access to credit. Using a tax-based instrumental variable …
Persistent link: https://www.econbiz.de/10012462029
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The Social Security Trust Fund, the Riskless Interest Rate, and Capital Accumulation
Abel, Andrew B. - 1999
This paper develops a tractable stochastic overlapping generations model to analyze the equilibrium equity premium and growth rate of the capital stock in the presence of a defined-benefit Social Security system. If the Social Security Trust Fund increases the share of its portfolio held in...
Persistent link: https://www.econbiz.de/10012471809
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A Sticky-Information General-Equilibrium Model for Policy Analysis
Reis, Ricardo - 2009
This paper presents a dynamic stochastic general-equilibrium model with a single friction in all markets: sticky information. In this economy, agents are inattentive because of costs of acquiring, absorbing and processing information, so that the actions of consumers, workers and firms are slow...
Persistent link: https://www.econbiz.de/10012463915
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Transferability of Migration Licenses and the Distribution of Potential Rents
Bivins, Laura L. - 2001
This paper compares the effects of migration restrictions using licenses which are freely traded in a competitive labor market to those that occur when licenses are allocated to firms who are not permitted to trade them. There is reason to expect that a policy of making licenses non-transferable...
Persistent link: https://www.econbiz.de/10012470097