Essays on the Macroeconomics of Long-Term Relationships

This thesis consists of three chapters on theoretical macroeconomics, each one examining the consequences of long-term relationships between economic agents. In the first chapter, the relationships in question are supply-chain linkages between firms. I build a tractable model of buyer-supplier relat...

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Detalles Bibliográficos
Autor: Esala, Lauri
Tipo de recurso: tesis doctoral
Estado:Versión publicada
Fecha de publicación:2024
País:España
Institución:CBUC, CESCA
Repositorio:TDR. Tesis Doctorales en Red
OAI Identifier:oai:www.tdx.cat:10803/691981
Acceso en línea:http://hdl.handle.net/10803/691981
Access Level:acceso embargado
Palabra clave:Macroeconomics
Macroeconomía
33
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spelling Essays on the Macroeconomics of Long-Term RelationshipsEsala, LauriMacroeconomicsMacroeconomía33This thesis consists of three chapters on theoretical macroeconomics, each one examining the consequences of long-term relationships between economic agents. In the first chapter, the relationships in question are supply-chain linkages between firms. I build a tractable model of buyer-supplier relationship formation, where linkages are timeconsuming to create, and possibly difficult to replace if lost. In steady state, I exhibit a novel trade-off: firms’ forward-looking considerations about supply chain fragility and growth potential may sometimes dissuade them from forming matches with the highest current profit. The second chapter expands the framework to study the macroeconomic dynamics of a large-scale supply chain disturbance. To be able to solve larger versions of the model, I develop a new simulation-based solution method. The final chapter examines the relationship between banks and their borrowers. It shows that a long-lasting period of expansionary monetary policy may amplify banks’ incentives to “evergreen” loans to unviable borrowers.Esta tesis consta de tres capítulos sobre macroeconomía teórica, examinando las consecuencias de las relaciones a largo plazo entre agentes económicos. En el primer capítulo, se analizan las relaciones de cadena de suministro entre empresas. Se construye un modelo de formación de relaciones comprador-proveedor, donde se toma tiempo para crear enlaces o reemplazarlos si se pierden. En estado estacionario, se exhibe un nuevo trade-off: las consideraciones a futuro de las empresas pueden disuadirlos de formar asociaciones con la mayor profitabilidad actual. El segundo capítulo amplía el modelo para estudiar la dinámica macroeconómica de una perturbación de cadenas de suministro a gran escala. Para resolver versiones más complicadas del modelo, desarrollo un nuevo método de solución. El capítulo final examina la relación entre bancos y sus prestatarios, mostrando que un período prolongado de política monetaria expansiva puede amplificar los incentivos de los bancos para renovar préstamos a prestatarios inviables.Programa de Doctorat en Economia, Finances i EmpresaUniversitat Pompeu FabraBaley, IsaacSchaal, EdouardUniversitat Pompeu Fabra. Departament d'Economia i Empresa202420242026info:eu-repo/semantics/doctoralThesisinfo:eu-repo/semantics/publishedVersion97 p.application/pdfhttp://hdl.handle.net/10803/691981TDX (Tesis Doctorals en Xarxa)reponame:TDR. Tesis Doctorales en Redinstname:CBUC, CESCAInglésADVERTIMENT. Tots els drets reservats. L'accés als continguts d'aquesta tesi doctoral i la seva utilització ha de respectar els drets de la persona autora. Pot ser utilitzada per a consulta o estudi personal, així com en activitats o materials d'investigació i docència en els termes establerts a l'art. 32 del Text Refós de la Llei de Propietat Intel·lectual (RDL 1/1996). Per altres utilitzacions es requereix l'autorització prèvia i expressa de la persona autora. En qualsevol cas, en la utilització dels seus continguts caldrà indicar de forma clara el nom i cognoms de la persona autora i el títol de la tesi doctoral. No s'autoritza la seva reproducció o altres formes d'explotació efectuades amb finalitats de lucre ni la seva comunicació pública des d'un lloc aliè al servei TDX. Tampoc s'autoritza la presentació del seu contingut en una finestra o marc aliè a TDX (framing). Aquesta reserva de drets afecta tant als continguts de la tesi com als seus resums i índexs.info:eu-repo/semantics/embargoedAccessoai:www.tdx.cat:10803/6919812026-06-14T12:46:07Z
dc.title.none.fl_str_mv Essays on the Macroeconomics of Long-Term Relationships
title Essays on the Macroeconomics of Long-Term Relationships
spellingShingle Essays on the Macroeconomics of Long-Term Relationships
Esala, Lauri
Macroeconomics
Macroeconomía
33
title_short Essays on the Macroeconomics of Long-Term Relationships
title_full Essays on the Macroeconomics of Long-Term Relationships
title_fullStr Essays on the Macroeconomics of Long-Term Relationships
title_full_unstemmed Essays on the Macroeconomics of Long-Term Relationships
title_sort Essays on the Macroeconomics of Long-Term Relationships
dc.creator.none.fl_str_mv Esala, Lauri
author Esala, Lauri
author_facet Esala, Lauri
author_role author
dc.contributor.none.fl_str_mv Baley, Isaac
Schaal, Edouard
Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.subject.none.fl_str_mv Macroeconomics
Macroeconomía
33
topic Macroeconomics
Macroeconomía
33
description This thesis consists of three chapters on theoretical macroeconomics, each one examining the consequences of long-term relationships between economic agents. In the first chapter, the relationships in question are supply-chain linkages between firms. I build a tractable model of buyer-supplier relationship formation, where linkages are timeconsuming to create, and possibly difficult to replace if lost. In steady state, I exhibit a novel trade-off: firms’ forward-looking considerations about supply chain fragility and growth potential may sometimes dissuade them from forming matches with the highest current profit. The second chapter expands the framework to study the macroeconomic dynamics of a large-scale supply chain disturbance. To be able to solve larger versions of the model, I develop a new simulation-based solution method. The final chapter examines the relationship between banks and their borrowers. It shows that a long-lasting period of expansionary monetary policy may amplify banks’ incentives to “evergreen” loans to unviable borrowers.
publishDate 2024
dc.date.none.fl_str_mv 2024
2024
2026
dc.type.none.fl_str_mv info:eu-repo/semantics/doctoralThesis
info:eu-repo/semantics/publishedVersion
format doctoralThesis
status_str publishedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/10803/691981
url http://hdl.handle.net/10803/691981
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.rights.none.fl_str_mv info:eu-repo/semantics/embargoedAccess
eu_rights_str_mv embargoedAccess
dc.format.none.fl_str_mv 97 p.
application/pdf
dc.publisher.none.fl_str_mv Universitat Pompeu Fabra
publisher.none.fl_str_mv Universitat Pompeu Fabra
dc.source.none.fl_str_mv TDX (Tesis Doctorals en Xarxa)
reponame:TDR. Tesis Doctorales en Red
instname:CBUC, CESCA
instname_str CBUC, CESCA
reponame_str TDR. Tesis Doctorales en Red
collection TDR. Tesis Doctorales en Red
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15.808905

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