Organizational dynamics and aggregate fluctuations: The role of financial relationships

Keisuke Otsu, Masashi Saito

研究成果: Article

抜粋

This paper constructs an estimated dynamic stochastic general equilibrium model to study the role of labor reallocation between production and organizational tasks within a firm in movements in measured TFP in Japan. Allocating more labor to organizational tasks strengthens the financial relationship with financial intermediaries and helps firms to mitigate a widening in credit spread during financial difficulties. However, doing so reduces the labor allocated to production tasks and hence the measured TFP. Our quantitative analysis indicates that labor reallocation contributes to the observed procyclicality in measured TFP. We also find that this mechanism amplifies and propagates the effects of exogenous shocks on aggregate activity.

元の言語English
ページ(範囲)3044-3058
ページ数15
ジャーナルJournal of Economic Dynamics and Control
37
発行部数12
DOI
出版物ステータスPublished - 2013 12 1

ASJC Scopus subject areas

  • Economics and Econometrics
  • Control and Optimization
  • Applied Mathematics

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