Individual and Sectoral Heterogeneity, Reallocation, and Aggregate Fluctuations PDF Download

Author: Eric Thomas Sven Swanson
Publisher:
ISBN:
Category :
Languages : en
Pages : 252

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Author: Julieta Caunedo
Publisher:
ISBN:
Category : Electronic dissertations
Languages : en
Pages : 158

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Book Description
"Essays on Heterogeneity, Irreversibility and Aggregate Fluctuations" explores the connections between micro structure and technologies available to the agents operating in the economy and the dynamic of aggregate output and productivity. The thesis aims at further understanding the linkages between investment decisions of heterogeneous firms, the industry structure, and the aggregate dynamic of the economy. The hypothesis explored in this dissertation is that the dynamic of the industry structure, the patterns of selection of firms and investment within an industry bear information as of the efficiency with which the economy operates. The thesis consist of three essays organized in chapters. Chapter I, "Efficiency with Equilibrium Marginal Product Dispersion and Firm Selection" investigates conditions under which reductions in marginal product of capital dispersion induce Pareto improving allocations. The main result is that it is possible for allocations that display higher marginal product dispersion to be closer to the efficient one than allocations with lower marginal product dispersion. Chapter II, "Industry Dynamics, Investment and Business Cycles" investigates the quantitative implications of irreversibilities in investment for aggregate productivity. The main result of the essay is that for a calibrated economy to the US manufacturing sector, efficiency losses associated to firm selection are quantitatively more important than those associated to lower equilibrium dispersion in marginal products, i.e. capital reallocation. Chapter III, "Aggregate Fluctuations and the Industry Structure of the US Economy" documents changes in the input matrix of the US economy, and analyzes its implications for the relevance of sector specific and neutral shocks in aggregate fluctuations. The main finding is that an economy where the input output entries are allowed to fluctuate as in the data generates larger amplification of shocks and a stronger role for neutral shocks than a comparable economy with a fixed input output structure.

Author: Mr.Pau Rabanal
Publisher: International Monetary Fund
ISBN: 1451875657
Category : Business & Economics
Languages : en
Pages : 68

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Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.

Author: Kwang Suk Kim
Publisher: BRILL
ISBN: 1684172195
Category : History
Languages : en
Pages : 224

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This study provides a comprehensive overview of Korea’s macroeconomic growth and structural change since World War II, and traces some of the roots of development to the colonial period. The authors explore in detail colonial development, changing national income patterns, relative price shifts, sources of aggregate growth, and sources of sectoral structural change, comparing them with other countries.

Author: David Pothier
Publisher: International Monetary Fund
ISBN: 1498300987
Category : Business & Economics
Languages : en
Pages : 50

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This paper highlights how changes in the composition of demand affect income dispersion in the short run. We first document how the share of aggregate spending dedicated to labour-intensive goods and services shrinks (expands) during downturns (booms), and argue that this contributes to the observed pro-cyclicality of employment and output in labour-intensive industries. Using a two-sector general equilibrium model, we then assess how this demand composition channel influences the cyclical properties of the income distribution. Consistent with empirical evidence, we find income inequality to be countercyclical due to changes in the level of employment and (to a lesser extent) relative factor prices. The model also shows that wealth redistribution policies can potentially involve a trade-off between equality and output, depending on how they affect the composition of aggregate demand.

Author: Mr. John C Bluedorn
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 24

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Using individual-level data for 30 European countries between 1983 and 2019, we document the extent and earning consequences of workers’ reallocation across occupations and industries and how these outcomes vary with individual-level characteristics, namely (i) education, (ii) gender, and (iii) age. We find that while young workers are more likely to experience earnings gains with on-the-job sectoral and occupational switches, low-skilled workers’ employment transitions are associated with an earnings loss. These differences in earnings gains and losses also mask a high degree of heterogeneity related to trends in routinization. We find that workers, particularly low-skilled and older workers during recessions, experience a severe earning penalty when switching occupations from non-routine to routine occupations.

Author: Thomas F. Cooley
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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We construct a vintage capital model of economic growth in which the decision to replace old technologies with new ones is modeled explicitly. Depreciation in this environment is an economic, not a physical concept. We describe the balanced growth paths and the transitional dynamics of this economy. We illustrate the importance of vintage capital by analyzing the response of the economy to fiscal policies designed to stimulate investment in new technologies. A revised version of this paper is published in the Journal of Monetary Economics, v. 40, no. 3(December 1997):457-499.

Author: Eric T. Swanson
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 50

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Author: Alex Coad
Publisher: Edward Elgar Publishing
ISBN: 1848449100
Category : Business & Economics
Languages : en
Pages : 209

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Book Description
Research into firm growth has been accumulating at a terrific pace, and Alex Coad s survey of this multifaceted field provides a detailed, comprehensive overview of the latest developments. Much progress has been made in empirical research into firm growth in recent decades due to factors such as the availability of detailed longitudinal datasets, more powerful computers and new econometric techniques. This book provides an up-to-date catalogue of empirical work, as well as a coherent theoretical structure within which these new results can be interpreted and understood. It brings together a large body of recent research on firm growth from a multidisciplinary perspective, providing an up-to-date synthesis of stylized facts and empirical regularities. Numerous empirical findings and theories of firm growth are also surveyed and compared in order to evaluate their validity. Drawing on a vast and diverse body of research, this book will prove invaluable to students, academics, policy makers and practitioners with a need to keep abreast of studies in industrial organization, firm growth and management.

Author: Hector Perez-Saiz
Publisher: International Monetary Fund
ISBN: 1498324487
Category : Business & Economics
Languages : en
Pages : 37

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Book Description
We propose a simple macroeconomic model with input-output sectoral linkages based on Acemoglu et al. (2016) to quantify how changes in aggregate demand due to additional income from household’s remittances propagates through the network of input-output linkages in Sub-Saharan African countries. We first propose two network centrality measures to assess the role of some sectors as key input providers in the economy. Then, we use these measures to quantify the effect of sectoral linkages on sectoral and total output following an increase in remittances inflows. Our empirical results suggest that the effects of remittances on recipient economies increase with the degree of linkages across sectors, which is especially prominent in the case of the financial intermediation sector. Our paper contributes to the emerging macroeconomic literature on the propagation of shocks across sectors and the implications for the whole economy.