On the Evolution of Firm Size Distributions
Paolo Angelini,Andrea Generale +1 more
TLDR
In this paper, the impact of financial constraints on firm size distribution (FSD) was studied and it was found that financially constrained firms, identified using various proxies, are smaller than the others (their FSD is more skewed to the right).Abstract:
We study the impact of financial constraints on firm size distribution (FSD). We find that financially constrained firms, identified using various proxies, are smaller than the others (their FSD is more skewed to the right). However, among OECD countries, the FSD of nonconstrained firms virtually overlaps that of the entire sample, suggesting that the overall impact of financial constraints on the FSD is modest. The difference is more pronounced in our sample of firms from non-OECD countries. We conclude that financial constraints cannot be considered the main determinant of the FSD evolution in developed economies. (JEL L11, L25)read more
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Housing Market Spillovers: Evidence from an Estimated DSGE Model
Stefano Neri,Matteo Iacoviello +1 more
TL;DR: In this paper, the authors investigated the ability of a two-sector model to quantify the contribution of the housing market to business fluctuations using U.S. data and Bayesian methods and found that a large fraction of the upward trend in real housing prices over the last 40 years can be accounted for by slow technological progress in the housing sector.
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Credit and Banking in a DSGE Model of the Euro Area
TL;DR: In this article, the role of credit-supply factors in business cycle fluctuations is investigated. And the authors show that the existence of a banking sector partially attenuates the effects of demand shocks, while it helps propagate supply shocks.
Journal ArticleDOI
Credit and banking in a DSGE model of the euro area
TL;DR: In this article, the role of credit-supply factors in business cycle disruptions is investigated. And the authors show that shocks originating in the banking sector explain the largest fraction of the fall of output in 2008 in the euro area, while macroeconomic shocks played a smaller role.
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Innovation and Productivity in SMEs - Empirical Evidence for Italy
TL;DR: In this paper, a structural model of innovation in SMEs is developed which incorporates information on innovation success from firm surveys along with the usual R&D expenditures and productivity measures, and then applied the model to data on Italian SMEs from the “Survey on Manufacturing Firms” conducted by Mediocredito-Capitalia covering the period 1995-2003.
Journal ArticleDOI
Innovation and productivity in SMEs: empirical evidence for Italy
TL;DR: In this article, a structural model of innovation that incorporates information on innovation success from firm surveys along with the usual R&D expenditures and productivity measures was developed. And the model was applied to data on Italian SMEs from the “Survey on Manufacturing Firms conducted by Mediocredito-Capitalia covering the period 1995-2003.
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Richard Blundell,Stephen Bond +1 more
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On the mechanics of economic development
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Another look at the instrumental variable estimation of error-components models
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