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作者：Jovanovic, Boyan
作者单位：New York University
摘要：This paper examines three influential papers by Lucas that have become essential references in the economic literature. The first paper explores the size distributions of firms, while the other two investigate the relationship between firms' investments, their valuations, and their rates of growth. These seminal papers have inspired numerous subsequent studies, significantly advancing our understanding of firm dynamics and investment behavior.
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作者：Alvarez, Fernando
作者单位：University of Chicago
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作者：Stokey, Nancy L.
作者单位：University of Chicago
摘要：In his work on economic development, Lucas's goals were to understand the enormous diversity across countries in levels and growth rates of per capita income and to build a framework for studying developing economies with the same kind of precision and rigor that the neoclassical growth model had brought to the study of already industrialized countries. Lucas found knowledge spillovers to be a key mechanism. Thus, human capital, which he viewed broadly, is at the center of much of his work, an...
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作者：Howell, Sabrina T.; Rathje, Jason; Van Reenen, John; Wong, Jun
作者单位：New York University; University of London; London School Economics & Political Science; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of Chicago
摘要：For governments procuring innovation, one choice is whether to specify desired products (a conventional approach) or allow firms to suggest ideas (an open approach). Using a US Air Force R&D grant program where open and conventional competitions were held simultaneously, we find that open awards increase both commercial innovation and technology adoption by the military. In contrast, conventional awards have no positive effects on new technology but do create more program lock-in. We present e...
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作者：Sargent, Thomas J.
作者单位：New York University
摘要：This sequel to Lucas and Sargent (1978) tells how equilibrium Markov processes underlie much applied dynamic economics today. It recalls how Robert E. Lucas Jr. saw Keynesian and rational expectations revolutions as interconnected transformations of economic theories and econometric practices. It describes rules that Lucas used to guide and constrain his research by restricting himself to equilibrium Markov processes and to conserving quantitative successes achieved by previous researchers, in...
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作者：Fagereng, Andreas; Gomez, Matthieu; Gouin-Bonenfant, Emilien; Holm, Martin; Moll, Benjamin; Natvik, Gisle
作者单位：BI Norwegian Business School; Columbia University; University of Oslo; University of London; London School Economics & Political Science
摘要：Asset valuations across many asset classes have increased substantially over the past several decades. While these rising valuations had important effects on the distribution of wealth, little is known regarding their redistributive effects in terms of welfare. To make progress on this question, we develop a sufficient statistic for the money-metric welfare gain of deviations in asset valuations. This welfare gain depends on the present value of an individual's net asset sales rather than asse...
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作者：Cuciniello, Vincenzo; Michelacci, Claudio; Paciello, Luigi
作者单位：European Central Bank; Bank of Italy; Center for Economic & Policy Research (CEPR)
摘要：We study business creation subsidies in a general equilibrium model where firms are financially constrained upon entry and borrow competitively by issuing long-term debt. If paid out before business formation (ex ante), the subsidy reduces start-ups' debt and bankruptcy rates; if paid out as a refund of expenditures (ex post), it reduces equity rather than debt, raising bankruptcies among both new and existing firms. In a model calibrated to Southern Italy, the optimal subsidy is paid entirely...
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作者：Elsby, Michael W. L.; Gottfries, Axel; Michaels, Ryan; Ratner, David
作者单位：University of Edinburgh; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Replacement hiring plays a central role in establishment dynamics. US establishments frequently report no net change in their employment, often for years, despite facing substantial gross turnover. We devise a tractable model in which replacement hiring is driven by a novel structure of frictions, combining firm dynamics, on-the-job search, and investments into job creation that are sunk at the point of replacement. A key implication is the emergence of vacancy chains. Quantitatively, the mode...
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作者：[Anonymous]
