Opciones de búsqueda
Home Medios El BCE explicado Estudios y publicaciones Estadísticas Política monetaria El euro Pagos y mercados Empleo
Sugerencias
Ordenar por
No disponible en español

Semyon Malamud

9 June 2016
WORKING PAPER SERIES - No. 1919
Details
Abstract
We study optimal liquidity management, innovation, and production decisions for a continuum of firms facing financing frictions and the threat of creative destruction. We show that financing constraints lead firms to decrease production but may spur investment in innovation (R&D). We characterize which firms should substitute production for innovation in the face of constraints and thus display a "gambling" type of behavior. We embed our firm dynamics into a model of endogenous growth and show that financing frictions have offsetting effects on economic growth.
JEL Code
D21 : Microeconomics→Production and Organizations→Firm Behavior: Theory
G31 : Financial Economics→Corporate Finance and Governance→Capital Budgeting, Fixed Investment and Inventory Studies, Capacity
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
G35 : Financial Economics→Corporate Finance and Governance→Payout Policy
L11 : Industrial Organization→Market Structure, Firm Strategy, and Market Performance→Production, Pricing, and Market Structure, Size Distribution of Firms
Network
ECB Lamfalussy Fellowship Programme

Nuestro sitio web utiliza cookies

Utilizamos cookies funcionales para almacenar las preferencias de los usuarios, cookies analíticas para mejorar el rendimiento del sitio web y cookies de terceros creadas por servicios de terceros integrados en el sitio web. Tiene la opción de aceptarlas o rechazarlas. Para más información o para modificar sus preferencias sobre las cookies y los registros de los servidores que utilizamos, puede consultar: