共查询到6条相似文献,搜索用时 4 毫秒
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Roberto M. Samaniego 《Journal of Monetary Economics》2006,53(7):1555-1569
There is evidence linking the productivity slowdown of the 1970s and 1980s to changing patterns of technological adoption related to the spread of information technology (IT). Notably, IT appears to require plant-level reorganization for its full implementation.I develop a general equilibrium model in which organizational capital plays a central role in establishment dynamics, and study its transition path after a shock in the form of an incompatibility between new technologies and previously accumulated plant-level expertise. The behavior of the model is consistent with the structure of the slowdown, as well as the subsequent resurgence. Further applications are discussed. 相似文献
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This paper studies macro credit policies within the financial accelerator model of Bernanke, Gertler, and Gilchrist (1999). The focus is on borrower‐based restrictions on lending such as loan‐to‐value (LTV) ratios. We find that the efficacy of cyclical taxes on LTV ratios depends upon the nature of the underlying loan contract. If the loan contract contains equity‐like features such as indexation to aggregate conditions, then there is little role for cyclical taxation. But if the loan contract is not indexed to aggregate conditions, then there are substantial gains to procyclical taxes on LTV ratios. 相似文献
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HUGO A. HOPENHAYN 《Journal of Money, Credit and Banking》2011,43(Z1):111-145
Models of firm microstructure are becoming now a standard building block in macroeconomics, trade, and development. This literature builds on the recognition that firm heterogeneity and the allocation of resources across firms plays a key role in determining aggregate productivity and the gains from trade. Barriers to the efficient allocation of resources across firms have been recently recognized to play a key role in economic development. This paper focuses on this methodological contribution, the link between firm microstructure and economic aggregates. 相似文献
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We examine whether financial advisors with pre‐advisor criminal records pose a greater risk to investors than those without. We find that financial advisors with pre‐advisor criminal records are more likely to receive future customer complaints. Their complaints are more likely to receive arbitration awards or settlements and are more likely to involve large settlements exceeding $100,000. Finally, clients are more likely to suffer service disruptions from engaging advisors with pre‐advisor criminal records, even incremental to the brokerage firm being high‐risk. Although we do not have performance data of individual advisors, mutual funds of those firms that employ advisors with criminal records do not provide their clients with superior returns nor charge lower fees, suggesting that there are not compensating benefits to offset the investor harm. Overall, pre‐advisor criminal record serves as an important ex ante characteristic available to regulators, investors, and employers for risk‐assessment purposes. 相似文献
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We establish the equivalence of competitive industry equilibrium with a central planner's decision problem under uncertainty,
when investment is irreversible. The existence of industry equilibrium is derived, and it is shown that myopic behavior on
the part of small agents is harmless, in the sense that it leads to the same decisions as full rational expectations do. Our
model is set in continuous time and allows for very general forms of randomness. The methods are based on the probabilistic
approach to singular stochastic control theory and its connections with optimal stopping problems. 相似文献