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Working Paper
Determinants of access to external finance: evidence from Spanish firms
Lopez, Jose A.; Saurina, Jesus; Lago Gonzalez, Raquel (2007)
Access to external finance is a key determinant of a firm's ability to develop, operate and expand. To date, the literature has examined a variety of macroeconomic and microeconomic factors that influence firm financing. In this paper, we examine access by Spanish firms to external financing, both from bank and non-bank sources. We use dynamic panel data estimation techniques to estimate our models over a sample of 60,000 firms during the period from 1992 to 2002. We find that Spanish firms are quite dependent on short-term non-bank financing (such as trade credit), which makes up about 65 ...
Working Paper Series , Paper 2007-22

Working Paper
Investment, capacity, and uncertainty: a putty-clay approach
Gilchrist, Simon; Williams, John C. (2002)
In this paper, we embed the microeconomic decisions associated with investment under uncertainty, capacity utilization, and machine replacement in a general equilibrium model based on putty-clay technology. We show that the combination of log-normally distributed idiosyncratic productivity uncertainty and Leontief utilization choice yields an aggregate production function that is easily characterized in terms of hazard rates for the standard normal distribution. At low levels of idiosyncratic uncertainty, the short-run elasticity of supply is substantially lower than the elasticity of supply ...
Working Paper Series , Paper 2002-03

Working Paper
Decomposing Medical-Care Expenditure Growth
Liebman, Eli; Dunn, Abe; Shapiro, Adam Hale (2012-11-20)
Medical-care expenditures have been rising rapidly, accounting for almost one-fifth of GDP in 2009. In this study, we assess the sources of the rising medical-care expenditures in the commercial sector. We employ a novel framework for decomposing expenditure growth into four components at the disease level: service price growth, service utilization growth, treated disease prevalence growth, and demographic shift. The decomposition shows that growth in prices and treated prevalence are the primary drivers of medical-care expenditure growth over the 2003 to 2007 period. There was no growth in ...
Working Paper Series , Paper 2012-26

Working Paper
A gravity model of sovereign lending: trade, default and credit
Spiegel, Mark M.; Rose, Andrew K. (2002)
One reason why countries service their external debts is the fear that default might lead to shrinkage of international trade. If so, then creditors should systematically lend more to countries with which they share closer trade links. We develop a simple theoretical model to capture this intuition, then test and corroborate this idea.
Working Paper Series , Paper 2002-09

Working Paper
Who drove the boom in euro-denominated bond issues?
Hale, Galina; Spiegel, Mark M. (2008)
We make use of micro-level data for over 45,000 private bonds issued by over 5000 firms from 22 countries in 1990-2006 to analyze the impact that the launch of the EMU had on the currency denomination of the bond issues. To our knowledge, ours is the first systematic analysis of issue at the micro level. The use of the micro data allows us to distinguish between the response to the advent of the euro by new and seasoned bond issuers, and to condition on other issue characteristics. We find that the impact on new issuers is larger than on seasoned issuers and that most of the increase in the ...
Working Paper Series , Paper 2008-20

Working Paper
Let’s twist again: a high-frequency event-study analysis of operation twist and its implications for QE2
Swanson, Eric T. (2011)
This paper undertakes a modern event-study analysis of Operation Twist and compares its effects to those that should be expected for the recent quantitative policy announced by the Federal Reserve, dubbed "QE2". We first show that Operation Twist and QE2 are similar in magnitude. We identify six significant, discrete announcements in the course of Operation Twist that potentially could have had a major effect on financial markets, and show that four did have statistically significant effects. The cumulative effect of these six announcements on longer-term Treasury yields is highly ...
Working Paper Series , Paper 2011-08

Working Paper
Sovereign debt, volatility, and insurance
Kletzer, Kenneth M. (2005)
External debt increases the vulnerability of indebted emerging market economies to macroeconomic volatility and financial crises. Capital account reversals often lead sovereign debt repayment crises that are only resolved after prolonged and difficult debt restructuring. Foreign indebtedness exacerbates domestic financial distress in crisis, increasing both the incidence and severity of emerging market crises. These outcomes contrast with the presumption that access to international capital markets should help countries to smooth domestic consumption and investment against macroeconomic ...
Working Paper Series , Paper 2006-05

Working Paper
“Conditional PPP” and Real Exchange Rate Convergence in the Euro Area
Wu, Jyh-Lin; Glick, Reuven; Bergin, Paul R. (2016-10-18)
While economic theory highlights the usefulness of flexible exchange rates in promoting adjustment in international relative prices, flexible exchange rates also can be a source of destabilizing shocks. We find that when countries joining the euro currency union abandoned their national exchange rates, the adjustment of real exchange rates toward their long-run equilibrium surprisingly became faster. To investigate, we distinguish between differing rates of purchasing power parity (PPP) convergence conditional on alternative shocks, which we refer to as ?conditional PPP.? We find that the ...
Working Paper Series , Paper 2016-29

Working Paper
Economic outcomes of working-age people with disabilities over the business cycle: an examination of the 1980s and 1990s
Nargis, Nigar; Daly, Mary C.; Houtenville, Andrew J.; Burkhauser, Richard V. (2001)
We examine the rate of employment and the household income of the working-age population (aged 25-61) with and without disabilities over the business cycles of the 1980s and 1990s using data from the March Current Population Survey and the National Health Interview Survey. In general, we find that while the employment of working-age men and women with and without disabilities exhibited a procyclical trend during the 1980s business cycle, this was not the case during the 1990s expansion. During the 1990s, the employment of working-age men and women without disabilities continued to be ...
Working Paper Series , Paper 2001-07

Working Paper
Mortgages as recursive contracts
Marquis, Milton H.; Krainer, John (2003)
Mortgages are one-sided contracts under which the borrower may terminate the contract at any time, while the lender must commit to honoring the terms of the contract throughout its life. There are two aspects to this feature of the contract that are modeled in this paper. The first is that the borrower may choose between buying a house or renting. Given these alternatives, a contract between a household and a lender makes home ownership feasible, and provides insurance to the household against fluctuating rental payments. The second is that once in a contract, the household may terminate the ...
Working Paper Series , Paper 2003-03

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