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Empirical data suggest that new firms tend to grow faster than incumbent firms in terms of their productivity. A sticky … firms to align their real price with their idiosyncratic productivity growth. In contrast, the standard sticky-price model …
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Conditional on a contractionary monetary policy shock, the labor share of value added is expected to decrease in the basic New Keynesian model. By providing firm-level evidence, we are first to validate this proposition. Using local projections and high dimensional fixed effects, we show that a...
Persistent link: https://www.econbiz.de/10013215164
Conditional on a contractionary monetary policy shock, the labor share of value added is expected to decrease in the basic New Keynesian model. By providing firm-level evidence, we are first to validate this proposition. Using local projections and high dimensional fixed effects, we show that a...
Persistent link: https://www.econbiz.de/10013216670
We analyze the influence of monetary policy on firms’ extensive margin and productivity. Our empirical evidence for the …
Persistent link: https://www.econbiz.de/10012322407
We develop a general equilibrium model of an emerging market economy where productivity growth differentials between …
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total factor productivity (TFP) is endogenous and depends on the resource allocation. The model uncovers a novel tradeoff …
Persistent link: https://www.econbiz.de/10012415672