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Essays in Firm Dynamics, Economic Gr...

Roldan Blanco, Pau.

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Essays in Firm Dynamics, Economic Growth, and Macroeconomics.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays in Firm Dynamics, Economic Growth, and Macroeconomics./
Author:	Roldan Blanco, Pau.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2018,
Description:	352 p.
Notes:	Source: Dissertation Abstracts International, Volume: 79-12(E), Section: A.
Contained By:	Dissertation Abstracts International79-12A(E).
Subject:	Economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10750616
ISBN:	9780438171152

Essays in Firm Dynamics, Economic Growth, and Macroeconomics.
Roldan Blanco, Pau.

Essays in Firm Dynamics, Economic Growth, and Macroeconomics. - Ann Arbor : ProQuest Dissertations & Theses, 2018 - 352 p.

Source: Dissertation Abstracts International, Volume: 79-12(E), Section: A.

Thesis (Ph.D.)--New York University, 2018.

This dissertation consists of three chapters. Each chapter explores different aspects of the same common theme: how do firms' decisions impact macroeconomic outcomes?

ISBN: 9780438171152Subjects--Topical Terms:

517137
Economics.

Essays in Firm Dynamics, Economic Growth, and Macroeconomics.
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100 1 $a Roldan Blanco, Pau. $3 3350923
245 1 0 $a Essays in Firm Dynamics, Economic Growth, and Macroeconomics.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2018
300 $a 352 p.
500 $a Source: Dissertation Abstracts International, Volume: 79-12(E), Section: A.
500 $a Adviser: Ricardo Lagos.
502 $a Thesis (Ph.D.)--New York University, 2018.
520 $a This dissertation consists of three chapters. Each chapter explores different aspects of the same common theme: how do firms' decisions impact macroeconomic outcomes?
520 $a The first chapter, "Firm Dynamics and Pricing under Customer Capital Accumulation", is co-authored with Sonia Gilbukh. This chapter proposes a theory of endogenous variable markups as an engine of firm growth. In the model, firms operating in a frictional product market commit to price announcements in order to attract new customers to their products. The key trade-off is between promising a high valuation to new buyers (typically through low prices) in order to generate high rates of growth, versus extracting surplus from the current base of customers to increase profits contemporaneously at the expense of future market share. Using micro-pricing data from the U.S. to estimate the model, we analyze the impact of this form of pricing on macroeconomic dynamics. The analysis includes two quantitative exercises. In the first one, we study how markups co-move with aggregate fluctuations in demand and supply, with an emphasis on heterogeneities across firms of different sizes and productivities. We find that markups increase following economic booms, because in those times firms have higher returns from investing into their future customer base. Moreover, smaller firms experience a stronger and more persistent response. In the second exercise, we investigate the ability of the model to generate an upward trend in markups similar to that which has occurred in the U.S. since the early 1980s. We rationalize this trend via changes in buyer search costs (e.g. the development of more efficient shopping technologies such as the Internet), and find that the estimated model predicts about one fourth of the total increase.
520 $a The second chapter, "Advertising, Innovation, and Economic Growth", is co-authored with Laurent Cavenaile. In this work, we study the optimal allocation of resources for firms between two types of intangibles: R&D and advertising. While these two investments are similarly used by firms to alter consumer perception about product quality, they have different implications at the aggregate level: while R&D fosters productivity and economic growth, advertising does not. Using an endogenous growth model of firm dynamics, we first show that the interaction of R&D and advertising at the firm level can rationalize certain patterns of investment and growth across firm size. At the aggregate level, our estimated model predicts that advertising investment is detrimental for growth and welfare, since it crowds out R&D expenditures. Using exogenous variation from R&D tax credit provisions in the U.S., we find evidence supporting this substitution result. Finally, we investigate the ability of advertising taxes and R&D subsidies to enhance economic growth in the presence of advertising.
520 $a The third chapter, "Sunspots, Coordination, and Innovation Cycles", studies how miscoordination between innovative agents on R&D activities can give rise to persistent and non-reverting recessions, such as the Great Recession in the U.S. We build an overlapping-generations model whereby the R&D success probability of innovating agents increases in the aggregate investment in research, giving rise to multiple equilibria. Sunspot realizations, proxying the degree of coordination between agents, select which equilibrium is played at each time period. Through simulation exercises, we show that the model can give rise to patterns that are qualitatively similar to deep recessions with sluggish recoveries that do not revert to the pre-crisis trend.
590 $a School code: 0146.
650 4 $a Economics. $3 517137
650 4 $a Economic theory. $3 1556984
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690 $a 0511
710 2 $a New York University. $b Economics. $3 1032403
773 0 $t Dissertation Abstracts International $g 79-12A(E).
790 $a 0146
791 $a Ph.D.
792 $a 2018
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10750616