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Aggregate consequences of credit subsidy policies : firm dynamics and misallocation
Jo, Hwan; Senga, Tatsuro - 2017
. While credit subsidies resolve misallocation of resources and enhance aggregate productivity, increased factor prices, in …
Persistent link: https://www.econbiz.de/10011756140
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Firm dynamics, misallocation, and targeted policies
Jo, In Hwan; Senga, Tatsuro - 2017
Persistent link: https://www.econbiz.de/10012131945
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Aggregate consequences of credit subsidy policies: firm dynamics and misallocation
Jo, In Hwan; Senga, Tatsuro - In: Review of economic dynamics 32 (2019), pp. 68-93
Persistent link: https://www.econbiz.de/10012230467
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Firm heterogeneity, capital misallocation and optimal monetary policy
González, Beatriz; Nuño, Galo; Thaler, Dominik; … - 2021
their productivity and net worth and face collateral constraints that cause capital misallocation. TFP endogenously depends … on the time-varying distribution of firms. Although a reduction in real rates increases misallocation in partial … misallocation. …
Persistent link: https://www.econbiz.de/10012697125
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The walking dead? : zombie firms and productivity performance in OECD countries
McGowan, Muge Adalet; Andrews, Dan; Millot, Valentine - 2017
This paper explores the extent to which “zombie” firms – defined as old firms that have persistent problems meeting their interest payments – are stifling labour productivity performance. The results show that the prevalence of and resources sunk in zombie firms have risen since the...
Persistent link: https://www.econbiz.de/10011700180
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Leverage over the firm life cycle, firm growth, and aggregate fluctuations
Dinlersoz, Emin Murat; Kalemli-Ozcan, Sebnem; Hyatt, … - 2019
We study the leverage of U.S. firms over their life cycles and the connection between firm leverage, firm growth, and aggregate shocks. We construct a new dataset that combines private and public firms’ balance sheets with firm-level data from U.S. Census Bureau’s Longitudinal Business...
Persistent link: https://www.econbiz.de/10012063843
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Firm dynamics, misallocation and targeted policies
Jo, In Hwan; Senga, Tatsuro - 2016
Access to external finance is a major obstacle for small and young firms; thus, providing subsidized credit to small and young firms is a widely-used policy option across countries. We study the impact of such targeted policies on aggregate output and productivity and highlight indirect general...
Persistent link: https://www.econbiz.de/10011927976
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Risk-adjusted capital allocation and misallocation
David, Joel M.; Schmid, Lukas; Zeke, David - 2020
We develop a theory linking "misallocation," i.e., dispersion in marginal products of capital (MPK), to macroeconomic …
Persistent link: https://www.econbiz.de/10012395487
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Firm heterogeneity, capital misallocation and optimal monetary policy
González, Beatriz; Nuño, Galo; Thaler, Dominik; … - 2024
This paper analyzes the link between monetary policy and capital misallocation in a New Keynesian model with … strongly in response to a monetary policy expansion, thus reducing misallocation. This feature creates a new time …-inconsistent incentive for the central bank to engineer an unexpected monetary expansion to temporarily reduce misallocation. However, price …
Persistent link: https://www.econbiz.de/10014484281
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Aggregate consequences of credit subsidy policies: Firm dynamics and misallocation
Jo, Hwan; Senga, Tatsuro - 2017
. While credit subsidies resolve misallocation of resources and enhance aggregate productivity, increased factor prices, in …
Persistent link: https://www.econbiz.de/10011928006