/pdf/convex-analysisnoer-san-nojin-zhan-nituite-5dl2rbmoyr.pdf

Convex Analysisの二,三の進展について

https://www.uh.edu/%7Ebsorense/RestucciaRogersonRED2008.pdf

Policy distortions and aggregate productivity with heterogeneous establishments

relationship. All subsequent studies confirmed it (see for example King and Levine, 1993, and the review in: Pagano, 1993). Goldsmith used a sample of 35 countries for the period between 1860 and 1963 to show the relationship between income and financial depth measured by the ratio between bank's assets and GDP. He also showed that in periods of rapid growth, financial depth grows faster than income. More details about measuring financial depth can be found in this paper. FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH Velimir Šonje

/pdf/financial-development-and-economic-growth-1933kuo17q.pdf

Financial development and economic growth

Explaining levels of economic development hinges on explaining TFP dierences across coun- tries. In poor countries, total factor productivity (TFP) is particularly low in sectors producing tradable goods. We document that an important dierence between tradable and non-tradable sectors is their average establishment size: Tradable establishments operate at much larger scales. We develop a model co-determining aggregate TFP, sectoral TFP, and scales across industrial sectors. In our model, …nancial frictions disproportionately aect TFP in tradable sectors where production requires larger …xed costs. Our quantitative exercises show that …- nancial frictions explain a substantial part of the observed cross-country relationship between aggregate TFP, sectoral TFP, and output per worker.

/pdf/finance-and-development-a-tale-of-two-sectors-3e9cu3ezir.pdf

Finance and Development: A Tale of Two Sectors †

We use producer-level data to evaluate the role of financial frictions in determining total factor productivity (TFP). We study a model of establishment dynamics in which financial frictions reduce TFP through two channels. First, finance frictions distort entry and technology adoption decisions. Second, finance frictions generate dispersion in the returns to capital across existing producers and thus productivity losses from misallocation. Parameterizations of our model consistent with the data imply fairly small losses from misallocation, but potentially sizable losses from inefficiently low levels of entry and technology adoption. (JEL E32, E44, F41, G32, L60, O33, O47)

/pdf/finance-and-misallocation-evidence-from-plant-level-data-ltsh4hed8n.pdf

Finance and Misallocation: Evidence from Plant-Level Data

Home equity did not increase much for households younger than 35 years of age between 1998 and 2007 because the increase in house prices was offset by an equivalent increase in mortgage debt.

/pdf/life-cycle-patterns-and-boom-bust-dynamics-in-u-s-housing-4xdl536e8s.pdf

Life Cycle Patterns and Boom-Bust Dynamics in U.S. Housing Prices

Longitudinal modelling of performance and feed efficiency traits in growing Duroc pigs

Gross job losses for large firms were 60 percent higher in 2009:Q2 than in 2006:Q1, while those for medium and small firms were 42 percent and 12 percent higher, respectively.

/pdf/firm-size-and-employment-dynamics-in-recessions-and-2w5jct853m.pdf

Firm Size and Employment Dynamics in Recessions and Recoveries

The authors study the internal organization of small business partnerships and focus on the number of owners and ownership structure and the dynamics of these variables. They find that partnerships tend to have a small number of owners with equal distribution of ownership shares. Moreover, while partnerships with equally distributed shares tend to keep this distribution constant, those with unequally distributed shares tend to move toward more equal distribution over time. The authors highlight that these facts are in line with the theory of private information in small business partnerships proposed by Espino, Kozlowski, and Sanchez (2014).

/pdf/stylized-facts-on-the-organization-of-small-business-5apghg5lz9.pdf

Stylized Facts on the Organization of Small Business Partnerships

Recent sovereign default restructurings during the COVID-19 pandemic have reignited interest in research and policy suggestions for improving these restructuring episodes. Evidence for the e ectiveness of these policies has largely come from empirical analysis of past episodes, but this type of analysis makes it di cult to explicitly evaluate the economic improvements from implementing these polices. We develop and calibrate a model that allows us to analyze the e ects of the proposed policies.

Juan M. Sánchez

Papers

Life Cycle Patterns and Boom-Bust Dynamics in U.S. Housing Prices

Longitudinal modelling of performance and feed efficiency traits in growing Duroc pigs

Firm Size and Employment Dynamics in Recessions and Recoveries

Stylized Facts on the Organization of Small Business Partnerships

Policies for Improving Sovereign Debt Restructurings