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In traditional Keynesian and neoclassical models, the transmission of product demand changes to the labour market generally involves wage-price sluggishness or counter-cyclical real wage movements. In practice, however, real wages are often acyclical or procyclical, and wages and prices are...
Persistent link: https://www.econbiz.de/10005504209
This paper is a reflective survey of past and recent econometric work on the growth of firms. Most of this work suggests that firm size follows a random walk; i.e. that corporate growth rates are random. The survey documents this, and shows what a strong result this is by contrasting it with...
Persistent link: https://www.econbiz.de/10005504353
The deregulation of the telecommunications industry has resulted in a variety of industry structures which have been created in the hope of increasing competition. One example is the licensing of cellular telephone services in the United States. In the face of scarce radio spectrum, the Federal...
Persistent link: https://www.econbiz.de/10005504383
This paper studies the impact that capital market imperfections have on the natural selection of the most efficient firms by estimating the effect of the pre-deregulation level of leverage on the survival of trucking firms after the Carter deregulation. Highly leveraged carriers are less likely...
Persistent link: https://www.econbiz.de/10005504576
The objective of this study is to analyse the response capacity of Turkish manufacturing industry to growing international competition from low-wage countries and to real exchange rate fluctuations. To analyse these competitive pressures and the responses of enterprises, developments in profit...
Persistent link: https://www.econbiz.de/10005504824
A robust feature of the corporate growth process is the exponential distribution of firm growth rates. This striking empirical regularity has been found to hold for a number of different datasets and at different levels of aggregation. In this paper, we propose a simple theoretical model capable...
Persistent link: https://www.econbiz.de/10005510661
Many firms face a dynamic trade-off: if price is reduced, the firm attracts new customers who will yield profits in the future, but it also forgoes the opportunity to squeeze profits now from loyal customers. This paper identifies a rule that represents the optimal resolution of this trade-off,...
Persistent link: https://www.econbiz.de/10005515204
This paper examines the importance of competition in the growth and development of firms. We make use of the large-scale natural experiment of the shift from an economic system without competition to a market economy to shed light on the factors that influence innovation by firms and their...
Persistent link: https://www.econbiz.de/10005518450
Persistent link: https://www.econbiz.de/10005518800
This paper analyses a small open economy Ramsey model with an endogenous labor supply and no capital. The number of firms is subject to adjustment costs, so that the entry dynamics is determined endogenously. We find that with imperfect competition, there is a first order effect of a demand...
Persistent link: https://www.econbiz.de/10005524058