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Journal Article
Franchising like rabbits
We see them, we patronize them, we don't know much about them: Franchises in the Ninth District.
Journal Article
Reservists deployed : businesses hold own - fill voids
Journal Article
New evidence firms are financially constrained
Journal Article
The cost of capital for securities firms in the United States and Japan
The authors use stock market valuations to construct estimates of the cost of capital for five U.S. and four Japanese securities firms in 1982-91. They seek explanations for the observed capital cost differences in macroeconomic, risk, policy, and industrial organization factors. Their analysis also contrasts the gap in capital costs between U.S. and Japanese securities firms with the corresponding gap for industrial firms and banks.
Journal Article
Recessions and entrepreneurship : is necessity the mother of invention?
Related link(s): https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2009/fall/feature1_weblinks.cfm
Report
Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics
We solve equilibrium models of lumpy investment wherein establishments face persistent shocks to common and plant-specific productivity. Nonconvex adjustment costs lead plants to pursue generalized (S, s) rules with respect to capital; thus, their investments are lumpy. In partial equilibrium, this yields substantial skewness and kurtosis in aggregate investment, though, with differences in plant-level productivity, these nonlinearities are far less pronounced. Moreover, nonconvex costs, like quadratic adjustment costs, increase the persistence of aggregate investment, yielding a better match ...
Report
The firm and the plant in general equilibrium theory
The general equilibrium formulations are developed for two important economic environments. The first environment is the Lucas managerial span-of-control theory of the firm. It is shown that, in the spirit of McKenzie, the aggregate production set can be characterized by a convex cone. The second environment permits both the number of hours plants are operated and the number of workers operating them to be varied. For empirically reasonable elasticities of substitution, equilibrium is characterized by employment-consumption lotteries.
Journal Article
Underappreciated value: the inner city's competitive edge