Essays On Firm Heterogeneity And Macroeconomic Dynamics

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Essays On Firm Heterogeneity And Macroeconomic Dynamics

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Author : Roberto Naim Jorge Fattal Jaef
language : en
Publisher:
Release Date : 2011

Essays On Firm Heterogeneity And Macroeconomic Dynamics written by Roberto Naim Jorge Fattal Jaef and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Macroeconomics categories.

Essays On Macroeconomics And Firm Dynamics

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Author : Liyan Shi
language : en
Publisher:
Release Date : 2018

Essays On Macroeconomics And Firm Dynamics written by Liyan Shi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.

This dissertation contributes towards the understanding of the macroeconomic effects of micro-level firm dynamics, in particular firm entry, exit, and innovation activities in driving aggregate economic dynamism and growth. It focuses on the frictions affecting firms in these activities when contracting with their managers and workers, as well as peers, and the corrective role policies can play. The dissertation consists of two chapters. The first chapter, "Restrictions on Executive Mobility and Reallocation: The Aggregate Effect of Non-Competition Contracts", assesses the aggregate effect of non-competition employment contracts, agreements that exclude employees from joining competing firms for a duration of time, in the managerial labor market. These contracts encourage firm investment but restrict manager mobility. To explore this tradeoff, I develop a dynamic contracting model in which firms use non-competition to enforce buyout payment when their managers are poached, ultimately extracting rent from outside firms. Such rent extraction encourages initial employing firms to undertake more investment, as they partially capture the external payoff, but distorts manager allocation. I show that the privately-optimal contract over-extracts rent by setting an excessively long non-competition duration. Therefore, restrictions on non-competition can improve efficiency. To quantitatively evaluate the theory, I assemble a new dataset on non-competition contracts for executives in U.S. public firms. Using the contract data, I find that executives under non-competition are associated with a lower separation rate and higher firm investment. I also provide new empirical evidence consistent with non-competition reducing wage-backloading in the model. The calibrated model suggests that the optimal restriction on non-competition duration is close to banning non-competition. The second chapter, "Knowledge Creation and Diffusion with Limited Appropriation" (joint with Hugo Hopenhayn), studies the interaction of innovation and imitation in driving economic growth. In relation to a series of recent papers in the macro literature have emphasized the interaction between the two forces, we introduce two key elements in considering the incentives to innovate versus imitate. First, we consider frictions in matching innovators and imitators in the process of knowledge diffusion. Second, while most of the recent literature assume that imitators capture the entire surplus from knowledge diffusion, we consider a general bargaining problem between the innovators and imitators in dividing surplus. In a simple one period model, we derive a Hosios condition for the optimal surplus division when firms are ex-ante homogeneous. But we also find that as the degree of firm heterogeneity increases, innovators' share of surplus must decrease to maximize growth, approaching zero for sufficiently large heterogeneity. Our calibrated dynamic model suggests that the optimal share of surplus innovators appropriate should be at the lower end, consistent with weak intellectual property rights.

Essays On Macroeconomics Monetary Policy And Firm Heterogeneity

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Author : Claire Thürwächter
language : en
Publisher:
Release Date : 2023

Essays On Macroeconomics Monetary Policy And Firm Heterogeneity written by Claire Thürwächter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.

Heterogeneity In Macroeconomics

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Author : Joao Ferreira Gomes
language : en
Publisher:
Release Date : 1997

Heterogeneity In Macroeconomics written by Joao Ferreira Gomes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Equilibrium (Economics) categories.

Interaction And Market Structure

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Author : Domenico Delli Gatti
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Interaction And Market Structure written by Domenico Delli Gatti and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

This book is a collection of essays which examine how the properties of aggregate variables are influenced by the actions and interactions of heterogenous individuals in different economic contexts. The common denominator of the essays is a critique of the representative agent hypothesis. If this hypothesis were correct, the behaviour of the aggregate variable would simply be the reproduction of individual optimising behaviour. In the methodology of the hard sciences, one of the achievements of the quantum revolution has been the rebuttal of the notion that aggregate behaviour can be explained on the basis of the behaviour of a single unit: the elementary particle does not even exist as a single entity but as a network, a system of interacting units. In this book, new tracks in economics which parallel the developments in physics mentioned above are explored. The essays, in fact are contributions to the analysis of the economy as a complex evolving system of interacting agents.

Essays In Macroeconomics And The Role Of Household Heterogeneity In The Great Recession

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Author : Kieran P. Larkin
language : en
Publisher:
Release Date : 2019

Essays In Macroeconomics And The Role Of Household Heterogeneity In The Great Recession written by Kieran P. Larkin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.

This thesis studies the role that household heterogeneity plays in macroeconomic dynamics. It tackles this topic by focusing on consumption behaviour during the Great Recession. Its overarching argument is threefold: Firstly, that heterogeneity is crucial for understanding the patterns observed in the data. Secondly, that the state of the economy and preceding environment has a first order impact on how the economy responds to shocks. Thirdly, inaction and illiquidity matter and by focusing on this margin we can gain a better understanding of consumer behaviour. In the three chapters I consider the role that labor market sorting, household portfolio choice, shocks to the availability of credit, and changes in the future path of expected income played in understanding the Great Recession. The first chapter investigates the role that labor market tranquillity prior to the Great Recession played in the magnitude of the subsequent consumption decline. It highlights the interaction between labor market sorting and the household portfolio choice in the determination of the economy"s response to shocks. The second chapter looks at the role of credit conditions in household consumption dynamics. It argues that much of the literature has misunderstood the effect of a decline in credit availability during the Great Recession. It instead emphasizes the inaction response generated due to a tightening of the collateral constraint, which provides a better account of the Great Recession and of the borrowing behaviour of households in the micro data. The final chapter focuses on the car market and car purchasing behaviour during the last three US recessions, documenting important unusual features of the consumption response during the Great Recession. It uses these responses as an identification mechanism to uncover the importance of the shocks hitting the economy during the crisis, finding an important role for asset price shocks and a decline in the expected growth rate of household incomes in replicating the consumption dynamics.

Nonlinear Economic Dynamics And Financial Modelling

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Author : Roberto Dieci
language : en
Publisher: Springer
Release Date : 2014-07-26

Nonlinear Economic Dynamics And Financial Modelling written by Roberto Dieci and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-26 with Business & Economics categories.

This book reflects the state of the art on nonlinear economic dynamics, financial market modelling and quantitative finance. It contains eighteen papers with topics ranging from disequilibrium macroeconomics, monetary dynamics, monopoly, financial market and limit order market models with boundedly rational heterogeneous agents to estimation, time series modelling and empirical analysis and from risk management of interest-rate products, futures price volatility and American option pricing with stochastic volatility to evaluation of risk and derivatives of electricity market. The book illustrates some of the most recent research tools in these areas and will be of interest to economists working in economic dynamics and financial market modelling, to mathematicians who are interested in applying complexity theory to economics and finance and to market practitioners and researchers in quantitative finance interested in limit order, futures and electricity market modelling, derivative pricing and risk management.

Essays On Firm Dynamics And Macroeconomics

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Author : Yuanhao Niu
language : en
Publisher:
Release Date : 2021

Essays On Firm Dynamics And Macroeconomics written by Yuanhao Niu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Macroeconomics categories.

Essays On Financial Frictions And Macroeconomic Dynamics With Heterogeneous Agents

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Author : Lini Zhang
language : en
Publisher:
Release Date : 2014

Essays On Financial Frictions And Macroeconomic Dynamics With Heterogeneous Agents written by Lini Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.

This dissertation develops dynamic stochastic general equilibrium (DSGE) models in which financial frictions interact with rich household heterogeneity to study the implication of financial shocks for aggregate fluctuations.

Essays In Macroeconomics Dynamics

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Author : flavien moreau
language : en
Publisher:
Release Date : 2019

Essays In Macroeconomics Dynamics written by flavien moreau and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.

This dissertation focuses on the macroeconomic implications of firms' behavior. How do capital and labor substitute for each other? How large are the inefficiencies created by anti- competitive behavior? How does the distribution of the size of firms interact with merger regulations? In the first chapter, I investigate the question of the substitutability of labor and capital at the firm-level and then in the whole economy. Using a novel empirical strategy and comprehensive administrative data. I find that the amount of substitution between capital and labor is actually fairly limited. In the second chapter, I study the distortions created by anti-competitive behavior in an oligopolistic setting. I find that the direct negative welfare impact of cartels is amplified by an umbrella pricing effect, whereby firms outside of the cartel also raise their prices. In the third chapter, I trace the implications of antitrust policies on the firm size distri- bution. I find that under threshold-based rules, all mergers above a certain size might need to be blocked in order for the size distribution to stabilize. Finally, the techniques used to study the dynamics of firms can fruitfully be applied to other areas. In particular, in the last chapter, jointly written with Adriana Lleras-Muney, we use a dynamic model to explore the evolution of mortality rates.