Casares Polo, Miguel

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https://academica-e.unavarra.es/handle/2454/48813

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Casares Polo

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Miguel

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Economía

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INARBE. Institute for Advanced Research in Business and Economics

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0000-0002-3672-4196

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88580

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2468

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2018 - 20203
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Author: Khan, Hashmat × Subject: DSGE models ×

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Now showing 1 - 3 of 3
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    PublicationOpen Access
    A structural analysis of US entry and exit dynamics. Technical appendix
    (2018) Casares Polo, Miguel; Khan, Hashmat; Poutineau, Jean-Christophe; Economía; Ekonomia
    A. The optimizing programs of the model and other technical details (pages 1-7) B. Short-run and long-run equilibria in the DSGE model with endogenous entry and exit (pages 8-12) C. Average productivity (pages 13-15) D. Data and measurement equations (pages 16 and 17) E. The loglinearized equation for short-run fluctuations of critical productivity, zcr (pages 18 and 19) F. Aggregation (pages 20-24) G. The overall resources constraint (pages 25 and 26) H. Estimated shock decomposition for US data (pages 27-31) I. The sources of fluctuations in the Great Recession (pages 32-37)
  • Thumbnail Image
    PublicationOpen Access
    A structural analysis of US entry and exit dynamics
    (2018) Casares Polo, Miguel; Khan, Hashmat; Poutineau, Jean-Christophe; Economía; Ekonomia
    The authors report empirical evidence indicating that US business formation has recently turned more volatile, procyclical and persistent due to changes in exit dynamics. To study these stylized facts, we estimate a DSGE model with endogenous entry and exit. Business units feature heterogeneous productivity and they shut down if the present value of expected future dividends falls below the current liquidation value. The estimation results imply structural changes in US exit dynamics after 2007: the semi-elasticity of the exit rate to critical productivity has increased and the average plant-level productivity has decreased.
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    PublicationOpen Access
    The extensive margin and US aggregate fluctuations: a quantitative assessment
    (Elsevier, 2020) Casares Polo, Miguel; Khan, Hashmat; Poutineau, Jean-Christophe; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE; Economía
    We report empirical evidence indicating that US net business formation has recently turned more volatile, procyclical and persistent. To study these stylized facts, we estimate a DSGE model with endogenous entry and exit. Business units feature heterogeneous productivity and they shut down if the present value of expected future dividends falls below the current liquidation value. The model provides a better fit than a constant exit rate model with the fluctuations of US business formation. The introduction of the extensive margin amplifies the effects of technology and risk-premium shocks, and reduces the procyclicality of firm-level production. The main sources of variability of the US aggregate fluctuations during the Great Recession are countercyclical technology shocks, persistent adverse risk-premium shocks, and expansionary monetary policy shocks.