Casares Polo, Miguel

Profile Picture

Email Address

person.page.identifierURI

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

Birth Date

Job Title

Last Name

Casares Polo

First Name

Miguel

person.page.departamento

Economía

person.page.instituteName

INARBE. Institute for Advanced Research in Business and Economics

ORCID

0000-0002-3672-4196

person.page.observainves

88580

person.page.upna

2468

Name

Filters

20201
Reset filters

Settings

Author: Poutineau, Jean-Christophe × Subject: Extensive margin ×

Search Results

Now showing 1 - 1 of 1
  • Thumbnail Image
    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.