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This paper studies how the interplay between technological shocks and financial variables shapes the properties of macroeconomic dynamics. Most of the existing literature has based the analysis of aggregate macroeconomic regularities on the representative agent hypothesis (RAH). However, recent...
Persistent link: https://www.econbiz.de/10010328512
This work brings together two distinct pieces of evidence concerning, at the macro level, international distributions of incomes and their dynamics, and, at the micro level, the size distributions of firms and the properties of their growth rates. First, our empirical analysis provides a new...
Persistent link: https://www.econbiz.de/10010328462
Structural vector-autoregressive models are potentially very useful tools for guiding both macro- and microeconomic policy. In this paper, we present a recently developed method for exploiting non-Gaussianity in the data for estimating such models, with the aim of capturing the causal structure...
Persistent link: https://www.econbiz.de/10010269741
observe that whilst employment growth has a direct negative association with profit growth, there are indirect effects through …, profit growth is not followed by much subsequent growth of employment. …
Persistent link: https://www.econbiz.de/10010266742
profitabilities, as more productive firms can enjoy higher profit margins which, under imperfect capital markets, allow them to invest … reallocation through an investigation of the productivity-profitability-growth relations at the firm level. Exploiting large panels … profitability differentials, whereas the relationships of corporate growth with either productivity or profitability appear much …
Persistent link: https://www.econbiz.de/10010328469
hypothesis that controlling for leverage, low growth-high profitability (profit) firms outperform high growth-low profitability …The view that profitability, not growth, is the driving force behind the firm performance, and unprofitable high growth … hypothesis that controlling for type of firm (growth or profit firm), leverage matters with respect to firm's future performance …
Persistent link: https://www.econbiz.de/10010320453
enterprises. Therefore, in this article only the gross profit, or the profitability of the gross profit are discussed. For the … year 2000, the average profitability of the gross profit of the examined enterprises amounted to 2,0 %. The profitability … on the basis of the profit before taxes was 6,4 %, the profitability of the profit on ordinary activity -9,8 %, and the …
Persistent link: https://www.econbiz.de/10010299410
enterprises. Therefore, in this article only the gross profit, or the profitability of the gross profit are discussed. For the … year 2000, the average profitability of the gross profit of the examined enterprises amounted to 2,0%. The profitability on … the basis of the profit before taxes was 6,4%, the profitability of the profit on ordinary activity -9,8%, and the …
Persistent link: https://www.econbiz.de/10010299412
We relate innovation to sales growth for incumbent firms in high-tech sectors. A firm, on average, experiences only modest growth and may grow for a number of reasons that may or may not be related to innovativeness. However, given that the returns to innovation are highly skewed and that growth...
Persistent link: https://www.econbiz.de/10010328389
The size distribution and growth rates dynamics of U.S. manufacturing firms have been extensively studied by many authors. In this paper, using the COMPUSTAT database, we extend the analysis to disaggregated data, studying 15 industrial sectors. We find that among the stylized facts presented in...
Persistent link: https://www.econbiz.de/10010328407