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The pure advantage of risk in production
Mandler, Michael - 2021
An increase in the riskiness of a technology will raise economy-wide expected output: the technology can be used intensively if its productivity realization is large and curtailed otherwise. Some investment in even the riskiest technologies can therefore bring Pareto improvements. The observed...
Persistent link: https://www.econbiz.de/10013235191
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The effects of local market concentration and international competition on firm productivity : evidence from Mexico
Rodríguez-Castelán, Carlos; López-Calva, Luis F.; … - 2020
Although market concentration is one of the main impediments to productivity growth globally, data constraints have limited its analysis to developed countries or cross-country studies based on definitions of market concentration across nations and industries. This paper takes advantage of a...
Persistent link: https://www.econbiz.de/10012202018
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Bank Competition and Financial (In)Stability in Europe : A Sensitivity Analysis
Samantas, Ioannis - 2013
stability channel of bank competition …
Persistent link: https://www.econbiz.de/10013072563
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Optimal Allocation of Physical and Skills Capital in Services Production
Gupta, Abhay - 2008
replicated at a cost (e.g. patent fee or training costs). A basic model of production is developed which involves production … sector and training or replication sector (which produces skills). Using a 2 period production model, the paper finds that in … investment goes to physical capital while a lower share of skills goes into production sector (compared to low-investment period …
Persistent link: https://www.econbiz.de/10012724050
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Uncertainty, misallocation and the life-cycle growth of firms
Mäkynen, Eero; Vähämaa, Oskari - 2021
We develop a measure of static misallocation that separates uncertainty from misallocation generated by tax-like distortions. In the Finnish firm-level data, uncertainty accounts for the majority of ex post misallocation and explains a strong decreasing age-dependent trend in it. To understand...
Persistent link: https://www.econbiz.de/10012583062
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Economic growth through worker reallocation : the role of knowledge spillovers
Mäkynen, Eero - 2021
An establishment can improve its productivity by hiring workers from more productive establishments. Then, how important is worker reallocation for aggregate productivity growth? To study this question, I develop a general equilibrium model where knowledge transmits as workers reallocate from...
Persistent link: https://www.econbiz.de/10012583063
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Risk-taking, capital allocation and optimal monetary policy
David, Joel M.; Zeke, David - 2021
We study the role of firm heterogeneity in affecting business cycle dynamics and optimal stabilization policy. Firms differ in their degree of cyclicality, and hence, exposure to aggregate risk, leading to firm-specific risk premia that influence resource allocations. The heterogeneous firm...
Persistent link: https://www.econbiz.de/10012415672
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Death to the Cobb-Douglas production function
Gechert, Sebastian; Havránek, Tomáš; Havránková, Zuzana - 2019
also suggest that a failure to normalize the production function leads to a substantial upward bias in the estimated …
Persistent link: https://www.econbiz.de/10012063829
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On the "utilization controversy": a rejoinder and some comments
Nikiforos, Michalis - 2019
The critique by Gahn and González (2019) of the conclusions in Nikiforos (2016) regarding what data should be used to evaluate whether capacity utilization is endogenous to demand is weak for the following reasons: (i) The Federal Reserve Board (FRB) measure of utilization is not appropriate...
Persistent link: https://www.econbiz.de/10012123214
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Death to the Cobb-Douglas production function
Gechert, Sebastian; Havránek, Tomáš; Havránková, Zuzana - 2019
We show that the large elasticity of substitution between capital and labor estimated in the literature on average, 0.9, can be explained by three factors: publication bias, use of aggregated data, and omission of the first-order condition for capital. The mean elasticity conditional on the...
Persistent link: https://www.econbiz.de/10012104517