Firm entry under financial frictions
| dc.contributor.author | Casares Polo, Miguel | |
| dc.contributor.author | Poutineau, Jean-Christophe | |
| dc.contributor.department | Economía | es_ES |
| dc.contributor.department | Ekonomia | eu |
| dc.date.accessioned | 2016-05-10T07:40:31Z | |
| dc.date.available | 2016-05-10T07:40:31Z | |
| dc.date.issued | 2011 | |
| dc.description.abstract | Introducing 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.sponsorship | The 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.extent | 31 p. | |
| dc.format.mimetype | application/pdf | en |
| dc.identifier.uri | https://academica-e.unavarra.es/handle/2454/20627 | |
| dc.language.iso | eng | en |
| dc.relation.ispartofseries | Documentos de Trabajo DE - ES Lan Gaiak | es |
| dc.relation.ispartofseries | 1102 | en |
| dc.rights | CC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) | en |
| dc.rights.accessRights | info:eu-repo/semantics/openAccess | |
| dc.rights.uri | https://creativecommons.org/licenses/by-nc-nd/4.0/ | |
| dc.subject | Firm creation | en |
| dc.subject | Financial frictions | en |
| dc.subject | Steady-state analysis | en |
| dc.title | Firm entry under financial frictions | en |
| dc.type | info:eu-repo/semantics/workingPaper | |
| dspace.entity.type | Publication | |
| relation.isAuthorOfPublication | 308e2f24-fee5-4ddb-be38-6e7a11cabf44 | |
| relation.isAuthorOfPublication.latestForDiscovery | 308e2f24-fee5-4ddb-be38-6e7a11cabf44 |