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dc.creatorCasares Polo, Migueles_ES
dc.creatorPoutineau, Jean-Christophees_ES
dc.date.accessioned2016-05-10T07:40:31Z
dc.date.available2016-05-10T07:40:31Z
dc.date.issued2011
dc.identifier.urihttps://hdl.handle.net/2454/20627
dc.description.abstractIntroducing both endogenous firm entry and a requirement for external finance in a general-equilibrium model leads to three main results. First, the financial constraint has contractionary effects on both equity investment and the labor supply as they are inversely related to the marginal finance cost. Second, net firm creation amplifies the steady-state impact of changes in either productivity or banking efficiency due to procyclical firm entry. Third, a higher elasticity of substitution (that implies a lower mark-up) cuts the number of firms and makes aggregate output fall in steady state, opposite to standard models with constant number of firms.en
dc.description.sponsorshipThe author would like to thank Fundación Ramón Areces and the Ministerio de Educación of Spain (research project ECO2008-02641) for their financial support.en
dc.format.extent31 p.
dc.format.mimetypeapplication/pdfen
dc.language.isoengen
dc.relation.ispartofseriesDocumentos de Trabajo DE - ES Lan Gaiakes
dc.relation.ispartofseries1102en
dc.rightsCC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)en
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectFirm creationen
dc.subjectFinancial frictionsen
dc.subjectSteady-state analysisen
dc.titleFirm entry under financial frictionsen
dc.typeDocumento de trabajo / Lan gaiakes
dc.typeinfo:eu-repo/semantics/workingPaperen
dc.contributor.departmentUniversidad Pública de Navarra. Departamento de Economíaes_ES
dc.contributor.departmentNafarroako Unibertsitate Publikoa. Ekonomia Sailaeu
dc.rights.accessRightsAcceso abierto / Sarbide irekiaes
dc.rights.accessRightsinfo:eu-repo/semantics/openAccessen


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CC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)
Except where otherwise noted, this item's license is described as CC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)