The Experts below are selected from a list of 267450 Experts worldwide ranked by ideXlab platform
Sebnem Kalemliozcan - One of the best experts on this subject based on the ideXlab platform.
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capital allocation and Productivity in south europe
Quarterly Journal of Economics, 2017Co-Authors: Gita Gopinath, Sebnem Kalemliozcan, Loukas Karabarbounis, Carolina VillegassanchezAbstract:Following the introduction of the euro in 1999, countries in the South experienced large capital inflows and low Productivity. We use data for manufacturing firms in Spain to document a significant increase in the dispersion of the return to capital across firms, a stable dispersion of the return to labor across firms, and a significant increase in Productivity losses from misallocation over time. We develop a model of heterogeneous firms facing financial frictions and investment adjustment costs. The model generates cross-sectional and time-series patterns in size, Productivity, capital returns, investment, and debt consistent with those observed in production and balance sheet data. We illustrate how the decline in the real interest rate, often attributed to the euro convergence process, leads to a decline in sectoral total factor Productivity as capital inflows are misallocated toward firms that have higher net worth but are not necessarily more productive. We conclude by showing that similar trends in dispersion and Productivity losses are observed in Italy and Portugal but not in Germany, France, and Norway.
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capital allocation and Productivity in south europe
National Bureau of Economic Research, 2015Co-Authors: Gita Gopinath, Sebnem Kalemliozcan, Loukas Karabarbounis, Carolina VillegassanchezAbstract:Starting in the early 1990s, countries in southern Europe experienced low Productivity growth alongside declining real interest rates. We use data for manufacturing firms in Spain between 1999 and 2012 to document a significant increase in the dispersion of the return to capital across firms, a stable dispersion of the return to labor, and a significant increase in Productivity losses from capital misallocation over time. We develop a model with size-dependent financial frictions that is consistent with important aspects of firms' behavior in production and balance sheet data. We illustrate how the decline in the real interest rate, often attributed to the euro convergence process, leads to a significant decline in sectoral total factor Productivity as capital inflows are misallocated toward firms that have higher net worth but are not necessarily more productive. We show that similar trends in dispersion and Productivity losses are observed in Italy and Portugal but not in Germany, France, and Norway.
Gita Gopinath - One of the best experts on this subject based on the ideXlab platform.
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capital allocation and Productivity in south europe
Quarterly Journal of Economics, 2017Co-Authors: Gita Gopinath, Sebnem Kalemliozcan, Loukas Karabarbounis, Carolina VillegassanchezAbstract:Following the introduction of the euro in 1999, countries in the South experienced large capital inflows and low Productivity. We use data for manufacturing firms in Spain to document a significant increase in the dispersion of the return to capital across firms, a stable dispersion of the return to labor across firms, and a significant increase in Productivity losses from misallocation over time. We develop a model of heterogeneous firms facing financial frictions and investment adjustment costs. The model generates cross-sectional and time-series patterns in size, Productivity, capital returns, investment, and debt consistent with those observed in production and balance sheet data. We illustrate how the decline in the real interest rate, often attributed to the euro convergence process, leads to a decline in sectoral total factor Productivity as capital inflows are misallocated toward firms that have higher net worth but are not necessarily more productive. We conclude by showing that similar trends in dispersion and Productivity losses are observed in Italy and Portugal but not in Germany, France, and Norway.
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capital allocation and Productivity in south europe
National Bureau of Economic Research, 2015Co-Authors: Gita Gopinath, Sebnem Kalemliozcan, Loukas Karabarbounis, Carolina VillegassanchezAbstract:Starting in the early 1990s, countries in southern Europe experienced low Productivity growth alongside declining real interest rates. We use data for manufacturing firms in Spain between 1999 and 2012 to document a significant increase in the dispersion of the return to capital across firms, a stable dispersion of the return to labor, and a significant increase in Productivity losses from capital misallocation over time. We develop a model with size-dependent financial frictions that is consistent with important aspects of firms' behavior in production and balance sheet data. We illustrate how the decline in the real interest rate, often attributed to the euro convergence process, leads to a significant decline in sectoral total factor Productivity as capital inflows are misallocated toward firms that have higher net worth but are not necessarily more productive. We show that similar trends in dispersion and Productivity losses are observed in Italy and Portugal but not in Germany, France, and Norway.
Leonard Waverman - One of the best experts on this subject based on the ideXlab platform.
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Productivity in manufacturing industries canada japan and the united states 1953 1986 was the Productivity slowdown reversed
Canadian Journal of Economics, 1992Co-Authors: Michael Denny, Jeffrey I Bernstein, Melvyn A Fuss, Shinichiro Nakamura, Leonard WavermanAbstract:This paper analyzes total factor Productivity growth and trends in relative efficiency levels in the national Two-Digit Manufacturing industries of Japan, Canada, and the United States during the last quarter-century. The well-known slowdown in Productivity growth rates in the 1973-80 period was a common phenomenon across the three countries but was felt most strongly in Japan and least in Canada. While the 1980s saw a pick-up in Productivity growth over the slowdown period, growth in Productivity has not returned to the pre-1973 level. The Productivity slowdown and any subsequent increase in Productivity growth rates have been correlated across industries in the three countries to a very high degree.
Carolina Villegassanchez - One of the best experts on this subject based on the ideXlab platform.
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capital allocation and Productivity in south europe
Quarterly Journal of Economics, 2017Co-Authors: Gita Gopinath, Sebnem Kalemliozcan, Loukas Karabarbounis, Carolina VillegassanchezAbstract:Following the introduction of the euro in 1999, countries in the South experienced large capital inflows and low Productivity. We use data for manufacturing firms in Spain to document a significant increase in the dispersion of the return to capital across firms, a stable dispersion of the return to labor across firms, and a significant increase in Productivity losses from misallocation over time. We develop a model of heterogeneous firms facing financial frictions and investment adjustment costs. The model generates cross-sectional and time-series patterns in size, Productivity, capital returns, investment, and debt consistent with those observed in production and balance sheet data. We illustrate how the decline in the real interest rate, often attributed to the euro convergence process, leads to a decline in sectoral total factor Productivity as capital inflows are misallocated toward firms that have higher net worth but are not necessarily more productive. We conclude by showing that similar trends in dispersion and Productivity losses are observed in Italy and Portugal but not in Germany, France, and Norway.
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capital allocation and Productivity in south europe
National Bureau of Economic Research, 2015Co-Authors: Gita Gopinath, Sebnem Kalemliozcan, Loukas Karabarbounis, Carolina VillegassanchezAbstract:Starting in the early 1990s, countries in southern Europe experienced low Productivity growth alongside declining real interest rates. We use data for manufacturing firms in Spain between 1999 and 2012 to document a significant increase in the dispersion of the return to capital across firms, a stable dispersion of the return to labor, and a significant increase in Productivity losses from capital misallocation over time. We develop a model with size-dependent financial frictions that is consistent with important aspects of firms' behavior in production and balance sheet data. We illustrate how the decline in the real interest rate, often attributed to the euro convergence process, leads to a significant decline in sectoral total factor Productivity as capital inflows are misallocated toward firms that have higher net worth but are not necessarily more productive. We show that similar trends in dispersion and Productivity losses are observed in Italy and Portugal but not in Germany, France, and Norway.
Loukas Karabarbounis - One of the best experts on this subject based on the ideXlab platform.
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capital allocation and Productivity in south europe
Quarterly Journal of Economics, 2017Co-Authors: Gita Gopinath, Sebnem Kalemliozcan, Loukas Karabarbounis, Carolina VillegassanchezAbstract:Following the introduction of the euro in 1999, countries in the South experienced large capital inflows and low Productivity. We use data for manufacturing firms in Spain to document a significant increase in the dispersion of the return to capital across firms, a stable dispersion of the return to labor across firms, and a significant increase in Productivity losses from misallocation over time. We develop a model of heterogeneous firms facing financial frictions and investment adjustment costs. The model generates cross-sectional and time-series patterns in size, Productivity, capital returns, investment, and debt consistent with those observed in production and balance sheet data. We illustrate how the decline in the real interest rate, often attributed to the euro convergence process, leads to a decline in sectoral total factor Productivity as capital inflows are misallocated toward firms that have higher net worth but are not necessarily more productive. We conclude by showing that similar trends in dispersion and Productivity losses are observed in Italy and Portugal but not in Germany, France, and Norway.
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capital allocation and Productivity in south europe
National Bureau of Economic Research, 2015Co-Authors: Gita Gopinath, Sebnem Kalemliozcan, Loukas Karabarbounis, Carolina VillegassanchezAbstract:Starting in the early 1990s, countries in southern Europe experienced low Productivity growth alongside declining real interest rates. We use data for manufacturing firms in Spain between 1999 and 2012 to document a significant increase in the dispersion of the return to capital across firms, a stable dispersion of the return to labor, and a significant increase in Productivity losses from capital misallocation over time. We develop a model with size-dependent financial frictions that is consistent with important aspects of firms' behavior in production and balance sheet data. We illustrate how the decline in the real interest rate, often attributed to the euro convergence process, leads to a significant decline in sectoral total factor Productivity as capital inflows are misallocated toward firms that have higher net worth but are not necessarily more productive. We show that similar trends in dispersion and Productivity losses are observed in Italy and Portugal but not in Germany, France, and Norway.
