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Population Aging and the Direction of Technical Change

Irmen, Andreas - 2009

An analytical framework is developed to study the repercussions between endogenous capital- and labor-saving technical change and population aging. Following an intuition often attributed to Hicks (1932), I ask whether and how population aging aff ects the relative scarcity of factors of...

Persistent link: https://www.econbiz.de/10011422203

Firms' Financial Policy and Labour Demand: Theory and Evidence

Bergström, Pål; Lindberg, Sara - 1998

We investigate the influence of financial leverage on firms' hiring decisions in the context of a hierarchy of finance model. The analysis is based on the Euler equation of employment in the presence of convex adjustment costs. We show the empirical implications of firms facing a hierarchy of...

Persistent link: https://www.econbiz.de/10010321708

Aging in a Neoclassical Theory of Labor Demand

Christiaans, Thomas - 2003

This paper introduces aging of workers into the neoclassical theory of labor demand. Among other things, it is shown that under reasonable hypotheses employment, even of younger workers, increases in the span of working life. Using the standard model without aging, the analysis of such issues...

Persistent link: https://www.econbiz.de/10010322058

Investment behavior, user cost and monetary policy transmission: The case of Hungary

Kátay, Gábor; Wolf, Zoltán - 2004

In this paper we investigate corporate investment behavior using a large panel of Hungarian firms between 1993 and 2002. The standard neoclassifical framework is used to derive empirically feasible specifications, however, several other issues beyond the scope of the framework are also...

Persistent link: https://www.econbiz.de/10010322436

Entry and the accumulation of capital: A two state-variable extension to the Ramsey model

Brito, Paulo; Dixon, Huw - 2007

In this paper we consider the entry and exit of Örms in a dynamic general equilibrium model with capital. At the Örm level, there is a Öxed cost combined with increasing marginal cost, which gives a standard U-shaped cost curve with optimal Örm size. Entry is determined by a free entry...

Persistent link: https://www.econbiz.de/10010322762

The hog-cycle of law professors

Engel, Christoph; Hamann, Hanjo - 2012

The market for law professors fulfils the conditions for a hog cycle: in the short run, supply cannot be extended or … limited; future law professors must be hired soon after they first present themselves, or leave the market; demand is … inelastic. Using a comprehensive German dataset, we show that the number of market entries today is significantly negatively …

Persistent link: https://www.econbiz.de/10010323877

Cost Reducing Investment, Competition and Industry Dynamics

Petrakis, Emmanuel; Roy, Santanu - 1998

We demonstrate the possibility of shake-out of firms and emergence of inter-firmheterogeneity along the (socially optimal) dynamic equilibrium path of a competitive industry with freeentry and exit, even when there is no uncertainty and all firms are ex ante identical with perfectforesight....

Persistent link: https://www.econbiz.de/10010324386

The Value of Human and Social Capital Investments for the Business Performance of Start-ups

Bosma, Niels; van Praag, Mirjam; Thurik, Roy; de Wit, Gerrit - 2002

We investigate the manifold posed question: To what extent does investment in human and social capital, besides the effect of talent, enhance entrepreneurial performance? We distinguish between three different performance measures: survival, profits, and generated employment. On the basis of the...

Persistent link: https://www.econbiz.de/10010324773

Markov-Perfect Nash Equilibria in Models with a Single Capital Stock

Dockner, Engelbert J.; Wagener, Florian O.O. - 2006

Many economic problems can be formulated as dynamic games in which strategically interacting agents choose actions that determine the current and future levels of a single capital stock. We study necessary conditions that allow us to characterize Markov perfect Nash equilibria (MPNE) for these...

Persistent link: https://www.econbiz.de/10010325153

Microeconomic Evidence of Creative Destruction in Industrial and Developing Countries

Bartelsman, Eric J.; Haltiwanger, John; Scarpetta, Stefano - 2004

market contestability. There are also large differences across groups of countries. While entry and exit rates are fairly … impressive process of creative destruction and, amongst them, those that have progressed the most towards a market economy show …

Persistent link: https://www.econbiz.de/10010325332