Essays in macroeconomics and firm dynamics
This thesis documents novel firm-level facts and shows their implication for aggregate phenomena. The first chapter documents an increase in returns to scale in production. It proposes a novel quantitative firm dynamics model with search frictions in the product market, where firms compete to build...
| Autor: | |
|---|---|
| Tipo de recurso: | tesis doctoral |
| Estado: | Versión publicada |
| Fecha de publicación: | 2022 |
| País: | España |
| Institución: | CBUC, CESCA |
| Repositorio: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/675968 |
| Acceso en línea: | http://hdl.handle.net/10803/675968 |
| Access Level: | acceso abierto |
| Palabra clave: | Firm dynamics Macroeconomics 33 |
| Sumario: | This thesis documents novel firm-level facts and shows their implication for aggregate phenomena. The first chapter documents an increase in returns to scale in production. It proposes a novel quantitative firm dynamics model with search frictions in the product market, where firms compete to build their demand, which shows that this transformation in firm-level production processes has sizeable implications for the aggregate economy. The second chapter shows that firm production processes are becoming more intangible intensive and that this capital is costly to accumulate. Using a quantitative firm dynamics model shows that this shift toward intangible capital can explain an important part of the decline in labor share and allocative efficiency. The third chapter shows that conditional to a rise in interest rates dominant firms have more countercyclical markups. Using a heterogeneous firms New Keynesian model we show that incomplete pass-through can rationalize this fact and it produces amplification. |
|---|