Financial fragility, patterns of firms’ entry and exit and aggregate dynamics
نویسندگان
چکیده
منابع مشابه
Financial Fragility and Growth Dynamics of Italian Business Firms
This work explores a number of properties investigated in the empirical literature on firm size and growth dynamics: (i) the distribution and the autoregressive structure of firm size; (ii) the existence of size-growth scaling relationships; (iii) the distribution and the autoregressive structure of scaling-free growth rates. The major novelty concerns our exploiting of a credit rating index to...
متن کاملPrice dynamics, financial fragility and aggregate volatility ¬リニ
Within a general equilibrium framework à la (Long and Plosser, 1983), we investigate the dynamics emerging from the interactions of households and firms that are adaptive price setters and financially constrained. Adaptive price-setting behavior induces microfounded out-of-equilibrium dynamics along which agents become heterogeneous in terms of prices and wealth. The stringency of the financial...
متن کاملFinancial Markets, Creation and Liquidation of Firms and Aggregate Dynamics
This paper models the impact of interest rate shocks on the creation and destruction of rms. The mechanism by which these shocks are transmitted across rms behavior is based on limited commitment to contractual arrangements. A rm's temptation to default limits the provision of credit by the bank. Credit constraints arise endogenously as part of the optimal long-term relationship between banks a...
متن کاملFirms and Aggregate Dynamics ∗
We investigate the role of permanent and transitory shocks for firms and aggregate dynamics. We find that permanent shocks to productivity and permanent shifts in the composition of output explain at least 4/5 of firms dynamics. However, these permanent shocks are almost uncorrelated across firms, and are therefore less relevant for aggregate dynamics. Transitory shocks, on the other hand, are ...
متن کاملTechnological Innovation, Financial Fragility and Complex Dynamics
Technological Innovation, Financial Fragility and Complex Dynamics In this paper we suggest a scaling approach to business cycles. We develop a heterogeneous interacting agents (HIAs) model that replicates well known industrial dynamics stylized facts, as the power law distribution of firms’ size and the Laplace distribution of firms’ growth rates. In particular, the power law is a persistent b...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Economic Behavior & Organization
سال: 2003
ISSN: 0167-2681
DOI: 10.1016/s0167-2681(02)00138-5