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Essays on macroeconomics with plant ...

Woo, Jinhee.

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Essays on macroeconomics with plant heterogeneity.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on macroeconomics with plant heterogeneity./
作者:	Woo, Jinhee.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2016,
面頁冊數:	129 p.
附註:	Source: Dissertation Abstracts International, Volume: 77-10(E), Section: A.
Contained By:	Dissertation Abstracts International77-10A(E).
標題:	Economics. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10109919
ISBN:	9781339731889

Essays on macroeconomics with plant heterogeneity.
Woo, Jinhee.

Essays on macroeconomics with plant heterogeneity. - Ann Arbor : ProQuest Dissertations & Theses, 2016 - 129 p.

Source: Dissertation Abstracts International, Volume: 77-10(E), Section: A.

Thesis (Ph.D.)--University of Rochester, 2016.

The theme of this thesis is to understand the role of plant heterogeneity in shaping the dynamics of aggregate economy along business cycles. The first chapter investigates the cyclicality of plant entry and exit and its role in shaping the dynamics of aggregate economy along business cycles. The second chapter provides micro founded explanations regarding the dynamics of capital utilization in response to the news shock.

ISBN: 9781339731889Subjects--Topical Terms:

517137
Economics.

Essays on macroeconomics with plant heterogeneity.
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245 1 0 $a Essays on macroeconomics with plant heterogeneity.
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300 $a 129 p.
500 $a Source: Dissertation Abstracts International, Volume: 77-10(E), Section: A.
500 $a Advisers: Ryan Michaels; Yongsung Chang.
502 $a Thesis (Ph.D.)--University of Rochester, 2016.
520 $a The theme of this thesis is to understand the role of plant heterogeneity in shaping the dynamics of aggregate economy along business cycles. The first chapter investigates the cyclicality of plant entry and exit and its role in shaping the dynamics of aggregate economy along business cycles. The second chapter provides micro founded explanations regarding the dynamics of capital utilization in response to the news shock.
520 $a The United States establishment exit rate is acyclical. This poses a challenge to canonical models of industry dynamics-e.g., Hopenhayn (1992), which imply a strongly counter-cyclical exit rate. To reconcile this gap between theory and data, imperfect information is introduced. Potential entrants have imperfect information about their productivity, leading to a signal extraction problem. When the volatility of idiosyncratic productivity dominates that of aggregate, as we observe in the micro data, potential entrants overestimate their productivity, and the value of entering, in booms. This amplified entry further increases factor prices and crowds out marginal incumbents, making the exit rate almost acyclical. The imperfect information mechanism proposed here also yields three testable implications: (i) entry is more cyclical in the industries where idiosyncratic components dominate; (ii) plant entry by new firms is more cyclical than that by existing firms; (iii) plants established by new firms during booms are more likely to exit rapidly. We show that all three predictions are consistent with the data.
520 $a In the second chapter, by estimating a panel VAR on two-digit manufacturing data using the identification scheme proposed by Beadury and Portier (2006), I find positive co-movement between investment and capital utilization (the workweek of capital) in response to a news shock. This is inconsistent with the canonical q-theory model of capital adjustment dynamics where good news about the future raises the marginal value of capital and leads the firm to preserve its capital for later use through less utilization today. With fixed costs in capital adjustment, plants make discrete, or ``lumpy'', adjustments such that if plants are subject to decreasing returns, q declines as they near the point of investment. Since good news makes large investments more likely, this triggers a fall in q and reduces the opportunity cost of utilization. To simultaneously explain the co-movement of investment and capital utilization with plant level investment behavior, I propose a heterogeneous plant model that combines fixed adjustment costs and an endogenous capital utilization choice. When the model economy is calibrated to match salient features of the plant level investment rate distribution, it generates positive co-movement between investment and capital utilization.
590 $a School code: 0188.
650 4 $a Economics. $3 517137
650 4 $a Commerce-Business. $3 3168423
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710 2 $a University of Rochester. $b School of Arts and Sciences. $3 2099014
773 0 $t Dissertation Abstracts International $g 77-10A(E).
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793 $a English
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