/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

The wave of sovereign defaults in the early 1980s and the string of debt crises in the decades that followed have fostered proposals involving policy interventions in sovereign debt restructurings. A key question about these proposals that has proved hard to handle is how they in influence the behavior of creditors and debtors. We address such challenge by incorporating these policy proposals into a quantitative model in the tradition of Eaton and Gersovitz (1981) that includes renegotiation in sovereign debt restructurings. Critically, the model also endogenizes the choice of debt maturity, an essential aspect of sovereign defaults and restructurings. We evaluate several policy interventions, and we identify the crucial features that matter to improve the outcome of distressed debt restructurings and reduce the frequency of debt distress events.

/pdf/policy-interventions-in-sovereign-debt-restructurings-27n2834jla.pdf

Policy Interventions in Sovereign Debt Restructurings

Employment turnover was significantly lower following the Great Recession than following the previous two recessions.

/pdf/employment-dynamics-during-economic-recoveries-5a0kz6hr2u.pdf

Employment Dynamics During Economic Recoveries

When a macroeconomic shock arrives, variation in household balance-sheet health (captured by the presence of financial distress “FD”), leads to differential access to credit, and hence a distribution of consumption responses. As we document, though, over the past two recessions, households in prior FD also experienced macroeconomic shocks more intensely than others, leading to a distribution of shock severity. Thus, quantifying the importance of both dimensions of heterogeneity (FD or shock-severity) for consumption requires a structural model. We find that heterogeneity in FD matters more than dispersion in shock-severity for shaping the responses of individual and aggregate consumption to any shock.

The Effects of Macroeconomic Shocks: Household Financial Distress Matters∗

The authors use a simple model to study the optimal design of unemployment insurance and employment protection. Workers are risk averse and face the possibility of unemployment. Firms are risk neutral and face random shocks to productivity. Workers can participate in a shadow economy, or informal sector. The model yields several lessons. First, countries should encourage formal employment to address the issue of informal employment. In extreme cases, such encouragement translates into high severance payments and negative payroll taxes. Along these same lines, unemployment payments cannot be too large. In fact, when the risk of informality is extreme, the authors find that unemployment benefits should be negative, which is (in effect) a positive tax on the lack of formal employment.

/pdf/how-does-informal-employment-affect-the-design-of-21djdug099.pdf

How Does Informal Employment Affect the Design of Unemployment Insurance and Employment Protection

https://www.imf.org/external/np/seminars/eng/2012/spr/pdf/JG_p.pdf

Juan M. Sánchez

Papers

Policy Interventions in Sovereign Debt Restructurings

Employment Dynamics During Economic Recoveries

The Effects of Macroeconomic Shocks: Household Financial Distress Matters∗

How Does Informal Employment Affect the Design of Unemployment Insurance and Employment Protection

Uncovering the Impact of Financial Development on Economic Development using General Equilibrium Modelling