Firm heterogeneity, financial frictions and ambiguity
Author
Abstract
Suggested Citation
DOI: 10.1016/j.jedc.2023.104736
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Xavier Gabaix & Jean‐Michel Lasry & Pierre‐Louis Lions & Benjamin Moll, 2016.
"The Dynamics of Inequality,"
Econometrica, Econometric Society, vol. 84, pages 2071-2111, November.
- Xavier Gabaix & Jean-Michel Lasry & Pierre-Louis Lions & Benjamin Moll, 2015. "The Dynamics of Inequality," NBER Working Papers 21363, National Bureau of Economic Research, Inc.
- Gabaix, Xavier & Lasry, Jean-Michel & Lions, Pierre-Louis & Moll, Benjamin, 2016. "The Dynamics of Inequality," Scholarly Articles 34651703, Harvard University Department of Economics.
- Gabaix, Xavier & Moll, Benjamin & Lasry, Jean-Michel & Lions, Pierre-Louis, 2015. "The Dynamics of Inequality," CEPR Discussion Papers 11028, C.E.P.R. Discussion Papers.
- Oleg Itskhoki & Benjamin Moll, 2019.
"Optimal Development Policies With Financial Frictions,"
Econometrica, Econometric Society, vol. 87(1), pages 139-173, January.
- Oleg Itskhoki & Benjamin Moll, 2014. "Optimal Development Policies with Financial Frictions," NBER Working Papers 19994, National Bureau of Economic Research, Inc.
- Marianne Baxter & Robert G. King, 1999.
"Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series,"
The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 575-593, November.
- Marianne Baxter & Robert G. King, 1995. "Measuring Business Cycles Approximate Band-Pass Filters for Economic Time Series," NBER Working Papers 5022, National Bureau of Economic Research, Inc.
- Tom Doan, "undated". "BKFILTER: RATS procedure to implement band pass filter using Baxter-King method," Statistical Software Components RTS00026, Boston College Department of Economics.
- Cosmin L. Ilut & Martin Schneider, 2014.
"Ambiguous Business Cycles,"
American Economic Review, American Economic Association, vol. 104(8), pages 2368-2399, August.
- Martin Schneider & Cosmin Ilut, 2011. "Ambiguous Business Cycles," 2011 Meeting Papers 612, Society for Economic Dynamics.
- Cosmin Ilut & Martin Schneider, 2012. "Ambiguous Business Cycles," Working Papers 12-06, Duke University, Department of Economics.
- Cosmin Ilut & Martin Schneider, 2012. "Ambiguous Business Cycles," NBER Working Papers 17900, National Bureau of Economic Research, Inc.
- Jess Benhabib & Pengfei Wang & Yi Wen, 2015.
"Sentiments and Aggregate Demand Fluctuations,"
Econometrica, Econometric Society, vol. 83, pages 549-585, March.
- Jess Benhabib & Pengfei Wang & Yi Wen, 2012. "Sentiments and aggregate demand fluctuations," Working Papers 2012-039, Federal Reserve Bank of St. Louis.
- Jess Benhabib & Pengfei Wang & Yi Wen, 2012. "Sentiments and Aggregate Demand Fluctuations," NBER Working Papers 18413, National Bureau of Economic Research, Inc.
- George‐Marios Angeletos & Fabrice Collard & Harris Dellas, 2018.
"Quantifying Confidence,"
Econometrica, Econometric Society, vol. 86(5), pages 1689-1726, September.
- George-Marios Angeletos & Fabrice Collard & Harris Dellas, 2014. "Quantifying Confidence," NBER Working Papers 20807, National Bureau of Economic Research, Inc.
- Dellas, Harris & Collard, Fabrice & Angeletos, George-Marios, 2015. "Quantifying Confidence," CEPR Discussion Papers 10463, C.E.P.R. Discussion Papers.
- Hodrick, Robert J & Prescott, Edward C, 1997.
"Postwar U.S. Business Cycles: An Empirical Investigation,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(1), pages 1-16, February.
- Robert J. Hodrick & Edward Prescott, 1981. "Post-War U.S. Business Cycles: An Empirical Investigation," Discussion Papers 451, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Sumru Altug & Cem Cakmakli & Fabrice Collard & Sujoy Mukerji & Han Ozsoylev, 2020.
"Ambiguous Business Cycles: A Quantitative Assessment,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 38, pages 220-237, October.
- Sumru Altug & Fabrice Collard & Cem Çakmakli & Sujoy Mukerji & Han Özsöylev, 2020. "Ambiguous business cycles: a quantitative assessment," Post-Print hal-03039262, HAL.
- Altug, Sumru & Collard, Fabrice & Cakmakli, Cem & Mukerji, Sujoy & Ozsöylev, Han, 2020. "Ambiguous Business Cycles: A Quantitative Assessment," TSE Working Papers 20-1107, Toulouse School of Economics (TSE).
- Francisco J. Buera & Benjamin Moll, 2015. "Aggregate Implications of a Credit Crunch: The Importance of Heterogeneity," American Economic Journal: Macroeconomics, American Economic Association, vol. 7(3), pages 1-42, July.
- S. Rao Aiyagari, 1994.
"Uninsured Idiosyncratic Risk and Aggregate Saving,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(3), pages 659-684.
- S. Rao Aiyagari, 1993. "Uninsured idiosyncratic risk and aggregate saving," Working Papers 502, Federal Reserve Bank of Minneapolis.
- Larry G. Epstein & Martin Schneider, 2007.
"Learning Under Ambiguity,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 74(4), pages 1275-1303.
- Larry Epstein & Martin Schneider, 2002. "Learning Under Ambiguity," RCER Working Papers 497, University of Rochester - Center for Economic Research (RCER), revised Mar 2005.
- Larry Epstein & Martin Schneider, 2006. "Learning Under Ambiguity," RCER Working Papers 527, University of Rochester - Center for Economic Research (RCER).
- Guido Cozzi & Paolo Giordani, 2011.
"Ambiguity attitude, R&D investments and economic growth,"
Journal of Evolutionary Economics, Springer, vol. 21(2), pages 303-319, May.
- Guido Cozzi & Paolo E. Giordani, "undated". "Ambiguity Attitude, R&D Investments and Economic Growth," Working Papers 2008_06, Business School - Economics, University of Glasgow.
- Charles I. Jones & Jihee Kim, 2018.
"A Schumpeterian Model of Top Income Inequality,"
Journal of Political Economy, University of Chicago Press, vol. 126(5), pages 1785-1826.
- Charles I. Jones & Jihee Kim, 2014. "A Schumpeterian Model of Top Income Inequality," NBER Working Papers 20637, National Bureau of Economic Research, Inc.
- Abhijit V. Banerjee & Benjamin Moll, 2010. "Why Does Misallocation Persist?," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(1), pages 189-206, January.
- Raj Chetty & Adam Guren & Day Manoli & Andrea Weber, 2011.
"Are Micro and Macro Labor Supply Elasticities Consistent? A Review of Evidence on the Intensive and Extensive Margins,"
American Economic Review, American Economic Association, vol. 101(3), pages 471-475, May.
- Chetty, Nadarajan & Weber, Andrea & Guren, Adam Michael & Day, Manoli, 2011. "Are Micro and Macro Labor Supply Elasticities Consistent? A Review of Evidence on the Intensive and Extensive Margins," Scholarly Articles 11878970, Harvard University Department of Economics.
- Yves Achdou & Jiequn Han & Jean-Michel Lasry & Pierre-Louis Lionse & Benjamin Moll, 2022. "Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(1), pages 45-86.
- Sumru Altug & Cem Cakmakli & Fabrice Collard & Sujoy Mukerji & Han Ozsoylev, 2020.
"Ambiguous Business Cycles: A Quantitative Assessment,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 38, pages 220-237, October.
- Sumru Altug & Cem Cakmakli & Fabrice Collard & Sujoy Mukerji & Han Ozsoylev, 2020. "Online Appendix to "Ambiguous Business Cycles: A Quantitative Assessment"," Online Appendices 19-269, Review of Economic Dynamics.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Ilut, Cosmin & Saijo, Hikaru, 2021.
"Learning, confidence, and business cycles,"
Journal of Monetary Economics, Elsevier, vol. 117(C), pages 354-376.
- Hikaru Saijo & Cosmin Ilut, 2015. "Learning, Confidence, and Business Cycles," 2015 Meeting Papers 917, Society for Economic Dynamics.
- Hikaru Saijo & Cosmin Ilut, 2016. "Learning, Confidence and Business Cycle," 2016 Meeting Papers 664, Society for Economic Dynamics.
- Cosmin L. Ilut & Hikaru Saijo, 2016. "Learning, Confidence, and Business Cycles," NBER Working Papers 22958, National Bureau of Economic Research, Inc.
- Cosmin L. Ilut & Martin Schneider, 2022. "Modeling Uncertainty as Ambiguity: a Review," NBER Working Papers 29915, National Bureau of Economic Research, Inc.
- Benhabib, Jess & Bisin, Alberto & Zhu, Shenghao, 2015. "The wealth distribution in Bewley economies with capital income risk," Journal of Economic Theory, Elsevier, vol. 159(PA), pages 489-515.
- Julian di Giovanni & Manuel García-Santana & Priit Jeenas & Enrique Moral-Benitoz & Josep Pijoan-Mas, 2022.
"Government Procurement and Access to Credit: Firm Dynamics and Aggregate Implications,"
Working Papers
2233, Banco de España.
- Julian di Giovanni & Manuel García-Santana & Priit Jeenas & Enrique Moral-Benito & Josep Pijoan-Mas, 2022. "Government procurement and access to credit: firm dynamics and aggregate implications," Economics Working Papers 1821, Department of Economics and Business, Universitat Pompeu Fabra.
- Julian di Giovanni & Manuel García-Santana & Priit Jeenas & Enrique Moral-Benito & Josep Pijoan-Mas, 2022. "Government Procurement and Access to Credit: Firm Dynamics and Aggregate Implications," Working Papers wp2022_2203, CEMFI.
- Hansen, G.D. & Ohanian, L.E., 2016.
"Neoclassical Models in Macroeconomics,"
Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 2043-2130,
Elsevier.
- Gary D. Hansen & Lee E. Ohanian, 2016. "Neoclassical Models in Macroeconomics," NBER Working Papers 22122, National Bureau of Economic Research, Inc.
- Ráfales, Jonatan & Vázquez, Carlos, 2024. "Jump–diffusion productivity models in equilibrium problems with heterogeneous agents," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 225(C), pages 313-331.
- Guisinger, Amy Y., 2020. "Gender differences in the volatility of work hours and labor demand," Journal of Macroeconomics, Elsevier, vol. 66(C).
- Mao, Jie & Shen, Guanxiong & Yan, Jingzhou, 2023. "A continuous-time macro-finance model with Knightian uncertainty," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
- Giulia Piccillo & Poramapa Poonpakdee, 2021. "Effects of Macro Uncertainty on Mean Expectation and Subjective Uncertainty: Evidence from Households and Professional Forecasters," CESifo Working Paper Series 9486, CESifo.
- Julian di Giovanni & Manuel García-Santana & Priit Jeenas & Enrique Moral-Benito & Josep Pijoan-Mas, 2022.
"Buy Big or Buy Small? Procurement Policies, Firms' Financing, and the Macroeconomy,"
Working Papers
1321, Barcelona School of Economics.
- di Giovanni,Julian & Garcia Santana,Manuel Jose & Jeenas,Priit & Moral Benito,Enrique & Pijoan-Mas,Josep, 2023. "Buy Big or Buy Small ? Procurement Policies, Firms’ Financing, and the Macroeconomy," Policy Research Working Paper Series 10522, The World Bank.
- Julian di Giovanni & Manuel García-Santana & Priit Jeenas & Enrique Moral-Benito & Josep Pijoan-Mas, 2022. "Buy Big or Buy Small? Procurement Policies, Firms' Financing, and the Macroeconomy," Staff Reports 1006, Federal Reserve Bank of New York.
- Sergio Ocampo & Gueorgui Kambourov & Daphne Chen & Burhanettin Kuruscu & Fatih Guvenen, 2017.
"Use It or Lose It: Efficiency Gains from Wealth Taxation,"
2017 Meeting Papers
913, Society for Economic Dynamics.
- Fatih Guvenen & Gueorgui Kambourov & Burhanettin Kuruscu & Sergio Ocampo-Diaz & Daphne Chen, 2019. "Use It or Lose It: Efficiency Gains from Wealth Taxation," NBER Working Papers 26284, National Bureau of Economic Research, Inc.
- Fatih Guvenen & Gueorgui Kambourov & Burhan Kuruscu & Sergio Ocampo & Daphne Chen, 2019. "Use It or Lose It: Efficiency Gains from Wealth Taxation," Working Papers tecipa-648, University of Toronto, Department of Economics.
- Daphne Chen & Fatih Guvenen & Gueorgui Kambourov & Burhanettin Kuruscu & Sergio Ocampo, 2019. "Use it or Lose it: Efficiency Gains from Wealth Taxation," Working Papers 764, Federal Reserve Bank of Minneapolis.
- Becard, Yvan & Gauthier, David, 2023. "Banks, nonbanks, and business cycles," European Economic Review, Elsevier, vol. 154(C).
- Tian, Can, 2022. "Learning and firm dynamics in a stochastic equilibrium," Journal of Economic Theory, Elsevier, vol. 203(C).
- Lippi, Francesco & Perri, Fabrizio, 2023. "Unequal growth," Journal of Monetary Economics, Elsevier, vol. 133(C), pages 1-18.
- Gouin-Bonenfant, Emilien & Toda, Alexis Akira, 2018.
"Pareto Extrapolation: Bridging Theoretical and Quantitative Models of Wealth Inequality,"
University of California at San Diego, Economics Working Paper Series
qt90n2h2bb, Department of Economics, UC San Diego.
- Emilien Gouin-Bonenfant & Alexis Akira Toda, 2019. "Pareto Extrapolation: Bridging Theoretical and Quantitative Models of Wealth Inequality," 2019 Meeting Papers 152, Society for Economic Dynamics.
- Gallen, Trevor S., 2018. "Is the labor wedge due to rigid wages? Evidence from the self-employed," Journal of Macroeconomics, Elsevier, vol. 55(C), pages 184-198.
- Lubos Hanus & Lukas Vacha, 2015.
"Business cycle synchronization of the Visegrad Four and the European Union,"
Working Papers IES
2015/19, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jul 2015.
- Hanus, Lubos & Vacha, Lukas, 2015. "Business cycle synchronization of the Visegrad Four and the European Union," FinMaP-Working Papers 42, Collaborative EU Project FinMaP - Financial Distortions and Macroeconomic Performance: Expectations, Constraints and Interaction of Agents.
- Kožić, Ivan & Sever, Ivan, 2014. "Measuring business cycles: Empirical Mode Decomposition of economic time series," Economics Letters, Elsevier, vol. 123(3), pages 287-290.
- Perron, Pierre & Wada, Tatsuma, 2016.
"Measuring business cycles with structural breaks and outliers: Applications to international data,"
Research in Economics, Elsevier, vol. 70(2), pages 281-303.
- Tatsuma Wada & Pierre Perron, 2014. "Measuring Business Cycles with Structural Breaks and Outliers: Applications to International Data," Boston University - Department of Economics - Working Papers Series 2014-004, Boston University - Department of Economics.
- Pierre Perron & Tatsuma Wada, 2015. "Measuring Business Cycles with Structural Breaks and Outliers: Applications to International Data," Boston University - Department of Economics - Working Papers Series wp2015-016, Boston University - Department of Economics.
- Konon, Alexander & Fritsch, Michael & Kritikos, Alexander S., 2018.
"Business cycles and start-ups across industries: An empirical analysis of German regions,"
Journal of Business Venturing, Elsevier, vol. 33(6), pages 742-761.
- Konon, Alexander & Fritsch, Michael & Kritikos, Alexander S., 2018. "Business cycles and start-ups across industries: An empirical analysis of German regions," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 33(6), pages 742-761.
- Alexander Konon & Michael Fritsch & Alexander S. Kritikos, 2018. "Business Cycles and Start-Ups across Industries: An Empirical Analysis of German Regions," Discussion Papers of DIW Berlin 1732, DIW Berlin, German Institute for Economic Research.
- Konon, Alexander & Fritsch, Michael & Kritikos, Alexander S., 2018. "Business Cycles and Start-ups across Industries: An Empirical Analysis of German Regions," IZA Discussion Papers 11501, Institute of Labor Economics (IZA).
More about this item
Keywords
Ambiguity; Collateral constraints; Heterogeneous agents; Transition dynamics;All these keywords.
JEL classification:
- E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:dyncon:v:155:y:2023:i:c:s0165188923001422. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jedc .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.