Essays In Macroeconomics And Financial Markets
Download Essays In Macroeconomics And Financial Markets full books in PDF, epub, and Kindle. Read online free Essays In Macroeconomics And Financial Markets ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Essays in Macroeconomics and Financial Markets
Author | : Francisco Queirós |
Publisher | : |
Total Pages | : 219 |
Release | : 2018 |
Genre | : |
ISBN | : |
Download Essays in Macroeconomics and Financial Markets Book in PDF, Epub and Kindle
This thesis is composed of three independent articles. The first two chapters are on the topic of asset bubbles. In the first chapter, I study the interactions between rational asset bubbles and product market competition. I build a theoretical model where I show that asset bubbles, by providing a production or entry subsidy, may have a pro-competitive effect and force firms to expand and cut profit margins. I use the model to interpret the evidence of two famous bubble episodes: the British railway mania of the 1840s and the dotcom bubble of the 1990s. In the second chapter, I provide a comprehensive characterization of non-fundamental stock price fluctuations at the industry level. Among other things, I show that overvaluation shocks tend to be more important in industries with higher profit margins or higher R&D intensity. I also document that, in periods of high over-valuation, stock market entrants tend to be less productive. In the third and last chapter I characterize the evolution of business dynamism in Spain between 1995 and 2007. Consistent with the evidence for other developed countries, I document a significant decline in the Spanish firm entry and exit rates over this period. I also show that, when compared to incumbents of the same industry, young firms have become relatively more productive. I build a model featuring firm dynamics and financial frictions to show how a decline in interest rates can explain these trends.
Essays in Macroeconomics and Financial Markets Related Books
Pages: 219
Pages: 183
Pages: 0
Pages: 363
Pages: 308