Volatility and firm growth

Alberto Chong; Mark Gradstein

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Volatility and firm growth

机译：波动与公司成长

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A growing body of macroeconomic evidence suggests that volatility is detrimental for economic growth. The channel through which this materializes, however, is less clear. Moreover, substantive evidence based on disaggregate data is scarce. In this paper, we provide empirical support for this relationship using a detailed cross-country firm-level dataset. We also provide additional evidence that institutional obstacles magnify the adverse effect of perceived volatility on firm growth.

机译：越来越多的宏观经济证据表明，动荡不利于经济增长。但是，实现这一目标的渠道还不清楚。而且，缺乏基于分类数据的实质性证据。在本文中，我们使用详细的跨国公司级数据集为这种关系提供了经验支持。我们还提供了其他证据，表明制度性障碍会放大感知到的波动性对企业增长的不利影响。

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来源
《Journal of Economic Growth》 |2009年第1期|1-25|共25页
作者
Alberto Chong; Mark Gradstein;
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作者单位

Inter-American Development Bank Washington DC USA;

Ben Gurion University Beer-sheba Israel;

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原文格式 PDF
正文语种 eng
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关键词
Firm growth; Policy volatility; Institutions; E60; H11; O11;

机译：企业成长;政策波动;机构;E60;H11;O11;

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机译：R＆D波动与公司成长之间的关联强度：公司治理和有形资产波动的作用
2. Do volatile firms pay volatile earnings? Evidence from linked worker-firm data [J] . Strain Michael R. Applied Economics . 2017,第43a45期

机译：波动性大的公司支付波动性大的收益吗？来自链接的工人公司数据的证据
3. Growth volatility and size: A firm-level study [J] . Calvino Flavio, Criscuolo Chiara, Menon Carlo, Journal of Economic Dynamics and Control . 2018,第MAY期

机译：增长的波动性和规模：公司层面的研究
4. Why Do Firms with High Idiosyncratic Volatility and High Trading Volume Volatility Have Low Returns? [C] . 2009 China international conference in finance . 2009

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5. The role of financial development and bank credit for volatility and output growth at the firm level: Evidence from EU countries. [D] . Dodonov, Borys. 2009

机译：金融发展和银行信贷在企业层面对波动性和产出增长的作用：来自欧盟国家的证据。
6. Firm Growth as a Driver of Sustainable Product Innovation: Mediation and Moderation Analysis. Evidence from Manufacturing Firms [O] . Ana Labella-Fernández, M. Mar Serrano-Arcos, Belén Payán-Sánchez 2021

机译：坚定增长作为可持续产品创新的驾驶员：调解和适度分析。来自制造公司的证据
7. We analyze, in this paper, a DSGE New Keynesian model with indi- visible labor where firms may belong to two different final goods producing sectors one where wages and employment are determined in competitive labor markets and the orther where wages and employment are the result of a contractual process between unions and firms. Bargaining between firms and monopoly unions implies real wage rigidity in the model and, in turn, an endogenous trade-off between output stabilization and infla- tion stabilization. We show that the negative effect of a productivity shock on inflation and the positive effect of a cost-push shock is crucially determined by the proportion of firms that belong to the competitive sec- tor. The larger is this number, the smaller are these effects. We derive a welfare based objective function as a second order Taylor approxima- tion of the expected utility of the economy's representative agent and we analyze optimal monetary policy. We show that the larger is the num- ber of firms that belong to the competitive sector, the smaller should be the response of the nominal interest rate to exogenous productivity and cost-push shocks. If we consider, however, an instrument rule where the interest rate must react to inflationary expectations, the rule is not af- fected by the structure of the labor market. The results of the model are consistent with a well known empirical regularity in macroeconomics, i.e. that employment volatility is larger than real wage volatility. [O] . Lorenza Rossi, Fabrizio Mattesini 100

机译：在本文中，我们分析了DsGE新凯恩斯主义模型，该模型具有明显的劳动力，其中企业可能属于两个不同的最终产品生产部门，其中工资和就业是在竞争性劳动力市场中确定的，而工资和就业是由工资和就业导致的。工会和公司之间的合同过程。企业和垄断联盟之间的讨价还价意味着模型中的实际工资刚性，反过来，产出稳定和通货膨胀稳定之间的内生权衡。我们表明，生产率冲击对通货膨胀的负面影响以及成本推动冲击的积极影响，主要取决于属于竞争部门的企业比例。这个数字越大，这些效果越小。我们得出一个基于福利的目标函数作为经济代理人的预期效用的二阶泰勒近似，我们分析最优货币政策。我们表明，属于竞争性行业的企业数量越大，名义利率对外生生产率和成本推动冲击的反应就越小。但是，如果我们考虑利率必须对通胀预期作出反应的工具规则，则该规则不受劳动力市场结构的影响。该模型的结果与宏观经济学中众所周知的经验规律一致，即就业波动率大于实际工资波动率。

Volatility and firm growth

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