 | Professor of Economics, Boston College Verified email at bc.edu Cited by 4654 |
A Alesina, S Ardagna, R Perotti… - 1999 - nber.org
This paper evaluates the effects of fiscal policy on investment using a panel of OECD
countries. In particular, we investigate how different types of fiscal policy affect profits and, as
a result, investment. We find a sizable negative effect of public spending--and in particular ...
M Devereux… - 1990 - nber.org
Most empirical models of company investment rely on the assumption of perfect capital
markets. One implication of this assumption is that, in a world without taxes, firms are
indifferent to funding their investment programs from internal or external funds. However, ...
R Blundell, S Bond, M Devereux… - Journal of Econometrics, 1992 - Elsevier
Abstract AQ model of investment is estimated using data for an unbalanced panel of UK
companies over the period 1975-86. Correlated firm-specific effects and the endogeneity of
Q are allowed for using a Generalised Method of Moments estimator. In the calculation of ...
F Schiantarelli - Oxford Review of Economic Policy, 1996 - Oxford Univ Press
In the last few years there has been resurgence of interest in the determinants of firms'
investment decisions. The empirical shortcomings of existing models, developed mainly
under the assumption of perfect capital markets, and the theoretical advances in the field ...
A Alesina, S Ardagna, G Nicoletti… - Journal of the …, 2005 - Wiley Online Library
We use newly assembled data on regulation in several sectors of many OECD countries to
provide evidence that regulatory reform of product markets is associated with an increase in
investment. A component of reform that plays a very important role is entry liberalization, ...
O Bandiera, G Caprio, P Honohan… - Review of Economics …, 2000 - MIT Press
The effect of financial liberalization on private saving is theoretically ambiguous, not only
because the link between interest rate levels and saving is itself ambiguous, but also
because financial liberalization is a multidimensional and phased process, sometimes ...
By exploiting a rich firm level data-base, this paper presents novel empirical evidence on the
effect of process and product innovations on productivity, as well as on the role played by
R&D and fixed capital investment in enhancing the likelihood of introducing innovations at ...
F Haramillo,
F Schiantarelli… - Journal of Development Economics, 1996 - Elsevier
Using a large panel of Ecuadorian firms, this paper analyzes the role of capital market
imperfections for investment decisions, and investigates whether the financial reforms
introduced in the 80s have succeeded in relaxing financial constraints. The model allows ...
Abstract This article analyzes the consequences of financial liberalization, using a large
panel of Indonesian manufacturing establishments. It discusses whether financial reforms
have had an impact on investment and on the allocation of credit and whether the effects ...
ØA Nilsen… - Review of Economics and Statistics, 2003 - MIT Press
The objective of this paper is to investigate if and how capital adjustment departs from the
smooth pattern implied by standard model based on convex adjustment costs. Using
Norwegian micro data, we start by documenting the intermittent and lumpy nature of ...
X Hu… - Review of Economics and Statistics, 1998 - MIT Press
In this paper we develop a switching regression model of investment, in which the
probability of a firm facing a high premium on external finance is endogenously determined.
This approach allows one to address the potential problem of static and dynamic ...
In this paper we investigate the effect of local banking development on firms' innovative
activities, using a rich data set on innovation for a large number of Italian firms over the
1990s. There is evidence that banking development affects the probability of process ...
F Schiantarelli - Conference series-Federal Reserve Bank of Boston, 1995 - fmwww.bc.edu
This paper has been prepared for the conference" Is Bank landing Important for the
Transmission of Monetary Policy?" organized by the Federai Reserve Bank of Boston, North
Falmouth, MA, June 11-13, 1995.1 would like to thank S. Fazzari, D. Hester and lhe other ...
Labour organizations are currently arguing that a reduction in the standard working week
will help the high unemployment of the 1980s. Opponents are arguing that this will increase
labour costs, and therefore will not alleviate unemployment. The purpose of this paper is ...
A Galindo,
U Panizza… - Emerging Markets Review, 2003 - Elsevier
This paper surveys recent empirical evidence on the determinants of the currency
composition of debt, and on the impact of exchange rate fluctuations on economic activity. It
suggests that Latin American firms tend to partially match the composition of their debt ...
A Galindo,
F Schiantarelli… - Journal of Development Economics, 2007 - Elsevier
Using firm level panel data from 12 developing countries we explore whether financial
liberalization improves the efficiency with which investment funds are allocated. A summary
index of the efficiency of investment allocation that measures whether investment funds ...
M Galeotti,
F Schiantarelli… - Applied Financial …, 1994 - Taylor & Francis
In this paper we study the consequences of imperfect substitutability between internal and
external sources of finance for firmś real decisions. The relationship between financial
variables and investment when capital markets are imperfect is analysed at both the ...
G Fiori, G Nicoletti, S Scarpetta… - IZA Discussion Papers, 2007 - nber.org
Abstract This paper provides a systematic empirical investigation of the effect of product
market liberalization on employment when there are interactions between policies and
institutions in product and labor markets. Using panel data for OECD countries over the ...
S Bond, A Leblebicioǧlu… - Journal of Applied …, 2010 - Wiley Online Library
Using annual data for 75 countries in the period 1960–2000, we present evidence of a
positive relationship between investment as a share of gross domestic product (GDP) and
the long-run growth rate of GDP per worker. This result is robust for our full sample and for ...
M Galeotti… - The Review of Economics and Statistics, 1991 - JSTOR
We extend the Q theory of investment to allow for adjustment costs for labor, under the
additional assumption that the firm is a monopolistic competitor in the output market. The
issue of nonconstant returns to scale is also discussed. We show that the standard Q ...
Abstract: Has financial liberalization improved the efficiency with which investment funds are
allocated to competing uses? In this paper, we address this question using firm level panel
data from twelve developing countries. We develop a summary index of the efficiency of ...
This paper analyzes the effects of the form of ownership on the substitutability between
internal and external sources of finance in Italy. In particular, we test whether financial
constraints are more severe for independent firms compared to members of large national ...
In this paper we analyse the implications for Q models of investment of replacing the
assumption of perfect competition in the output market with the assumption of monopolistic
competition. The structural investment equation that can be derived in this case has a ...
Abstract: The main purpose of this paper is to provide a critical overview of the recent
empirical contributions that use cross country data to study the effect of product market
regulation and reform on a country's macroeconomic performance. After a brief review of ...
M Galeotti… - Economica, 1994 - JSTOR
The empirical evidence in the volatility literature suggests that movements in stock prices
cannot be satisfactorily explained purely in terms of changes in fundamentals. This paper
shows how to obtain proxies for the fundamental and fad components of changes in stock ...
MP Devereux, M Keen… - Journal of Public Economics, 1994 - Elsevier
Abstract Theoretical work has emphasised the potentially powerful impact of corporation tax
asymmetries on investment behaviour, but empirical work has mainly been confined to the
measurement of effective tax rates. This paper uses panel data from 597 UK companies to ...
F Jaramillo,
F Schiantarelli… - The Review of Economics and …, 1993 - JSTOR
In this paper we analyze the structure of adjustment costs for labor. In particular, the question
whether hiring and firing costs are asymmetric is addressed. We maintain the standard
assumption of quadratic adjustment costs, but allow the multiplicative coefficient to differ ...
M Galeotti… - Oxford Bulletin of Economics and …, 1998 - Wiley Online Library
2. Abstract In this paper we investigate the impact of demand fluctuations on market power in
US manufacturing industries. We impose on a model with adjustment costs the minimum
structure necessary to recover a measure of markups. Markups are allowed to vary with ...
P Beaudry, M Caglayan… - The American Economic Review, 2001 - JSTOR
A major goal of macroeconomic policy throughout industrialized countries is to achieve low
and stable inflation. There are many reasons advanced in defense of this goal. One reason
often given is that lowering and stabilizing inflation improves the informational content of ...
L Rondi, B Sack,
F Schiantarelli… - Giornale degli …, 1998 - ideas.repec.org
Following the idea that adverse macroeconomic shocks to the economy worsen agency
problems between borrowers and lenders, this paper presents empirical evidence that small
and large firms react differently to monetary tightening. We use aggregate annual balance ...
Abstract: By exploiting a rich firm level data-base, this paper presents novel empirical
evidence on the effect of process and product innovations on productivity, as well as on the
role played by R&D and fixed capital investment in enhancing the likelihood of introducing ...
[CITATION] Investment and financing constraints: a switching regression approach using US firm panel data
X Hu… - Review of Economics and Statistics, 1994
[CITATION] Credit where it is due? A Review of the Macro and Micro Evidence on the Real Effects of Financial Reform
F Schiantarelli, I Atiyas, G Caprio… - Financial …, 1994 - Cambridge University press
A Guariglia… - Oxford Economic Papers, 1998 - Oxford Univ Press
Abstract In this paper we provide an empirical analysis of heterogeneity in firms' inventory
behavior, using a panel of UK manufacturing firms. We first investigate how the relative
variance of production and sales differs across firms. We then use variants of the linear ...
R Faini… - Oxford Economic Papers, 1987 - JSTOR
IN most European countries in the post-war period policies aimed at influencing the regional
allocation of investment and employment have been extensively used, consisting of financial
and fiscal incentives supplemented sometimes by administrative controls. In recent years, ...
F Jaramillo… - 2002 - books.google.com
The theoretical and empirical analysis of firm financing has mainly emphasized the choice of
debt versus (internal or external) equity. 1 Although the idea of debt as a homogeneous
source of funds is a powerful theoretical construct and a useful first step, the analysis must ...
ABSTRACT In this paper we discuss the effect of financial liberalization, using panel data for
Ecuadorian firms. After describing the main thrust of the reforms and the general
macroeconomic developments, we document the changes that have occurred in firms' ...
Abstract: The authors analyze whether form of ownership affects the substitutability of
internal and external sources of finance. In particular, they test whether financial constraints
are more severe for independent firms, and whether members of large national business ...
While there is a vast theoretical and empirical literature on firms' choice of the overall degree
of leverage, much less is known about the maturity structure of firms' debt. Yet short and long
term are by no means equivalent ways of financing firms' acquisition of real assets, as they ...
Economic policy makers have traditionally held the view that, due to capital market
imperfections, there is a shortage of long term finance and that this acts as a barrier to
industrial performance and growth. This belief has led to the establishment of special term ...
Abstract: This paper summarizes and discusses new evidence on the nature, extent,
evolution and consequences of financing constraints in Latin America; this evidence is
drawn from a recent series of papers. The countries covered are Argentina, Colombia, ...
F Huizinga… - The Economic Journal, 1992 - JSTOR
Models based on the insider-outsider distinction have made an important contribution to our
understanding of why employment may only change slowly, if-at all, after productivity or
demand shocks. The papers by Blanchard and Summers (I986), Lindbeck and Snower ( ...
AJ Galindo… - 2003 - books.google.com
This book contains new evidence on the nature, extent, evolution, and consequences of
financing constraints in Latin America. Who has and who does not have access to credit
markets and the impact of such access on firm performance are questions of paramount ...
We build and estimate a two-sector dynamic stochastic general equilibrium model with two
types of inventories: Input inventories facilitate the production of finished goods, output
inventories yield utility services. The estimated model replicates the volatility and ...
ØA Nilsen, KG Salvanes… - European Economic Review, 2007 - Elsevier
In this paper, we analyze the pattern of employment adjustment using a rich panel of
Norwegian plants. The data suggest that the frequency of episodes of zero net employment
changes is inversely related to plant size. We develop and estimate a simple “q” model of ...
R Faini… - European Economic Review, 1985 - econpapers.repec.org
By Riccardo Faini and Fabio Schiantarelli; Oligopolistic models of investment and employment
decisions in a regional context: Theory and empirical evidence from. ...
[CITATION] Asymmetric adjustment costs and the estimation of Euler equations for employment: An application to UK panel data
We prove that in a closed economy without distortionary taxation, the welfare of a
representative consumer is summarized to a first order by the current and expected future
values of the Solow productivity residual in level and by the initial endowment of capital. ...
M Keen… - Oxford Economic Papers, 1991 - JSTOR
INTRODUCING simple proportional taxes on personal and corporate income into a
Modigliani-Miller world raises a familiar and fundamental problem: unless those tax rates
happen to satisfy certain knife-edge conditions, value maximization implies extreme ...
[CITATION] A. Sembenelli (2006): Productivity, Innovation and R&D: Micro Evidence for Italy
ML Parisi… - European Economic Review
A Alesina, S Ardagna, R Perotti… - NBER working paper, 1999 - Citeseer
Abstract This paper evaluates the e¤ ects of… scal policy on investment using a panel of
OECD countries. In particular, we investigate how di¤ erent types of… scal policy a¤ ect
pro… ts and, as a result, investment. We… nd a sizeable negative e¤ ect of public ...
[CITATION] Capital Market Imperfections, Financial Constraints and Investment: Econometric Evidence from Panel Data for Ecuador
F Jaramillo, F Schiantarelli… - Journal of Development Economics, 1996
[CITATION] «Reductions in Hours and Employment: What Do Union Models Tell Us?»
A Booth… - Employment, Unemployment and Labor Utilization, 1988
The essential characteristic of investment decisions is that they are inherently forward-
looking as they depend upon the expectations of future values of the relevant variables. In
the specification of investment functions it is crucial, therefore, to start from a model of a ...
Since 1968 Indonesia has had a high rate of growth facilitated considerably by the high oil
prices in the 70's and early 80's. As an oil exporter, Indonesia experienced two major booms
during 1974-77 and 1979-82. There was clear recognition that oil revenues were a ...
Abstract: January 1997Firms tend to match assets with liabilities, and more profitable firms
have more long-term debt. Long-term debt has a positive effect on firms' performance, but
this is not true when a large fraction of that debt is subsidized. The authors empirically ...
J McIntosh,
F Schiantarelli… - Journal of Applied …, 1989 - Wiley Online Library
Abstract This paper investigates firms' employment and output decisions and presents some
empirical evidence concerning the rationality of firms' expectations. The dymanic model is
based on the assumptions of convex adjustment costs and monopolistic competition in the ...
F Schiantarelli… - … from the United Kingdom and Italy, …, 1997 - econ.unito.it
Such an analysis has potentially important policy consequences, since governments both in
developed and developing countries have often intervened in the credit markets, to foster
the provision of long term debt finance. Presumably this intervention was based on the ...
M Galeotti, LJ Maccini… - Journal of Monetary Economics, 2005 - Elsevier
This paper develops a model that integrates inventory and labor decisions. We extend a
model of inventory behavior to include a detailed specification of the role of labor input in the
production process, distinguishing between employment, hours and effort per worker. We ...
[CITATION] The effect of financial liberalization on the allocation of credit: Evidence from a panel of Ecuadorian firms
F Jaramillo, F Schiantarelli… - World Bank Working Paper, 1992
O Nilsen, K Salvanes… - 2003 - papers.ssrn.com
Abstract: In this paper we analyze the pattern of employment adjustment using a rich panel
of Norwegian plants. The data suggest that the frequency of episodes of zero net
employment changes is inversely related to plant size. We develop and estimate a simple" ...
[CITATION] A Unified Frame for Firms' Decisions: Theoretical Analysis and Empirical Application to Italy, 1970-1980
R Faini… - Industrial Investment in Europe: Economic Theory and …, 1985
We study whether cultural attitudes towards gender, the young, and leisure are significant
determinants of the evolution over time of the employment rates of women and of the young,
and of hours worked in OECD countries. Beyond controlling for a larger menu of policies, ...
[CITATION] Imperfect competition, Tobin's q and investment: Evidence from aggregate UK data
F Schiantarelli… - European Economic Review, 1990
R Faini… - Journal of Public Policy, 1983 - Cambridge Univ Press
Abstract Prior to 1974/5 the industrial problem of Italy was clearly seen as that of trying to
industrialise the South. However, the end of cheap labour and cheap energy meant that
Mezzogiomo industrialisation could no longer be seen in isolation from the rest of the ...
[CITATION] Monopolistic Competition and the Q Theory of Investment
N Rossi… - European Economic Review, 1982 - Elsevier
The purpose of this paper is to model the dynamics of consumers' response to changes in
the relevant variables. Wealth and inflation effects on aggregate consumption expenditure
are investigated. Real capital losses (or gains) due to inflation are accounted for in ...
[CITATION] Credit Where It Is Due
F Schiantarelli, I Atiyas, G Caprio, J Harris… - A Review of the Macro and …, 1994
O Bandiera, G Caprio, P Honohan… - 1999 - ideas.repec.org
Using Principal Components, the authors construct a 25-year time series index of financial
liberalization for each of eight developing countries: Chile, Ghana, Indonesia, the Republic
of Korea, Malaysia, Mexico, Turkey, and Zimbabwe. They use it in an econometric ...
[CITATION] Corporate Tax, Investment, and the Role of Tax Asymmetries
M Devereux, MJ Keen… - Journal of Public Economics, 1994
F Schiantarelli, A Weiss, F Jaramillo… - Boston College Working …, 1994 - ideas.repec.org
In this paper we investigate whether financial liberalization improves the efficiency with
which investment funds are allocated. We develop a simple measure of efficiency and apply
it to firm level panel data for Indonesia and Ecuador. We find evidence that financial ...
M Galeotti… - Papers, 1991 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
[CITATION] Fiscal policy, profits
A Alesina, S Ardagna, R Perotti… - 1999 - and Investment
[CITATION] Credit Where It Is Due? A Summary of Empirical Evidence
FIA Schiantarelli, G Caprio… - Gerard Caprio, et. al., Financial Reform: …, 1994
F Schiantarelli… - World Bank Policy Research Working …, 1996 - papers.ssrn.com
Abstract: Does the availability of long-term financing affect a firm's productivity (by facilitating
access to more productive technologies) and capital accumulation? Or does the less intense
monitoring and the lesser fear of liquidation associated with long-term debt actually ...
Abstract The empirical evidence in the volatility tests literature suggests that movements in
stock prices cannot be satisfactorily explained purely in terms of changes in fundamentals.
This paper shows how to obtain proxies for the fundamental and fads components of ...
[CITATION] What Can We Learn about Firms' Output, Employment and Pricing Decisions from Business Surveys? Some Evidence for UK Companies
W Low, J McIntosh… - … and Applications (Oxford: Basil Blackwell, 1990), 1990
Abstract. We present estimates of inventory models based on firm level panel data and
investigate whether over-simplified specification of the production technology may account
for the frequent failure to find technological incentives to smooth production in the context ...
R Faini… - Recherches Économiques de Louvain/Louvain …, 1984 - JSTOR
During the last twenty ears there has been an increasing tendency to derive firms' decision
rules from explicit inter-temporal optimizing models. Such quests for choice-theoretical
foundations has been regarded both as logically necessary and empirically fruitful in ...
[CITATION] Determinants and Consequences of the Maturity Structure of Firms' Debt: The Case of the UK and Italy
F Schiantarelli… - Mimeographed document, 1996
ØA Nilsen, KG Salvanes… - 2001 - diw.de
In the last few years there has been an heightened awareness of the shortcomings of
traditional models of factor demand based on convex and symmetric adjustment costs and of
the need to consider more general adjustment cost functions (see Hamermesh and Pfann ...
G Caprio, P Honohan, O Bandiera… - World Bank Policy …, 1999 - papers.ssrn.com
Abstract: How financial liberalization affects private saving is theoretically ambiguous,
because the link between savings and interest-rate levels is ambiguous and because
financial liberalization is a phased, multidimensional process, which sometimes involves ...
J McIntosh,
F Schiantarelli, J Breslaw… - The Review of Economics …, 1993 - JSTOR
In this paper we investigate the role of inventories in the adjustment process of prices and
output in response to demand and cost shocks, using the qualitative information contained
in business surveys of UK firms. The discussion is organized around a model based on ...
[CITATION] Investment, Financial Factors, and Cash and Investment
M Devereux… - 1990 - University of Chicago Press, …
[CITATION] Variable Markups in a Model With Adjustment Costs: Econometric Evidence on Level and Derivative Effects for US Industry
[CITATION] Investment, financial factors, and cash flow. Evidence from UK panel data
M Devereux… - NBER Working Paper, 1989
[CITATION] Monopolistic competition and the q theory of investment, The Institue for Fiscal Studies Working Paper N 87/13
F SCHIANTARELLI… - 1987 - October
[CITATION] Stock market volatility and
M Galeotti… - 1994
Abstract We study whether cultural attitudes towards gender, the young, and leisure are
significant determinants of the evolution over time of the employment rates of women and of
the young, and of hours worked in OECD countries. Beyond controlling for a larger menu ...
[CITATION] Capital Marketing Imperfections before and after Financial Liberalizations: An Euler Equation Approach to Panel Data for Ecuadorian Firms." wss 1091
F Jaramillo, F Schiantarelli… - World Bank, Country Economics Department, …, 1993
[CITATION] Andrew Weiss (2007),"
A Galindo… - Does Financial Reform
[CITATION] Credit Constraints and Investment in Latin America
F Schiantarelli… - 2003 - Inter
[CITATION] Em'ployment changes, the structure of adjustment costs, and plant size
NO Anti, S Kjell… - 2003 - mimeo
[CITATION] Determinants and consequences of financial constraints facing firms in Latin America: an overview
A Galindo… - Credit constraints and investment in Latin America, …, 2003
[CITATION] Credit constraints in Latin America: an overview of the evidence
A Galindo… - 2001 - Boston College Working Paper
[CITATION] Regulation and Investment
A Alesenia, S Ardayna, G Nicoletti… - NBER Working Paper, 2003
[CITATION] 1998!'The cyclicality of markups in a model with adjustment costs: econometric evidence for US industry,'
M Galeotti… - Oxford Bulletin of Economics and Statistics
[CITATION] Credit Contraints on Firms in Latin America: An Overview of the Micro Evidence
A Galindo… - 2003 - Boston College Working Papers in …
[CITATION] Firm's expectations and the adjustment of prices and output: Econometric evidence from categorical survey data
J McIntosh,
F Schiantarelli, W Low… - 1986 - University of Essex Department of …
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