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Rechts- und Staatswissenschaftliche Fakultät - Jahrgang 2013

 

Titel Three Essays on the Interaction of Microeconomic Frictions and Macroeconomic Outcomes
Autor Volker Tjaden
Publikationsform Dissertation
Abstract This dissertation contributes to the ongoing research agenda of trying to understand macroeconomic outcomes in their interdependence with the underlying microeconomic heterogeneity and frictions.
The first chapter investigates the effects of modeling plant-level productivity heterogeneity and frictions to capital adjustment on aggregate investment dynamics in the context of a two-country general equilibrium framework. The most important findings are that fixed capital adjustment costs matter for national aggregate investment dynamics in an open economy context and that aggregate investment behavior is well approximated by a simpler model version in which homogeneous firms face convex adjustment costs. The quantitative link between the two specifications is not robust, however, to variations in the production technology.
The second chapter differs from the others in that its focus is on worker heterogeneity together with a more general notion of job heterogeneity which may but does not have to result from differences in plant heterogeneity. Individual workers face a search friction in the labor market and we study its implications for resulting wage inequality. This application is set in a partial equilibrium setting. In contrast to previous studies, the calibrated model attributes less than 15 percent of wage inequality to the presence of the search friction. This difference can by explained by the explicit consideration of wage losses after job to job movements. Our empirical study shows that those are an important phenomenon in wage data with about one third of all transitions leaving the worker with lower nominal wages than on his previous job.
The third chapter extends the notion of plant-heterogeneity of the first chapter by introducing idiosyncratic differences in demand alongside productivity heterogeneity. The context there is a partial equilibrium framework where plants face sunk entry and fixed costs to be able to serve export markets. The economic application is a study of aggregate export elasticities to different kinds of aggregate shocks using a version of the model that has been estimated on plant-level data. An estimated model version shows costly demand accumulation and maintenance to be one of the most important costs associated with being an exporter. The model also reconciles relatively small reactions of aggregate exports to real exchange rate movements with considerably larger reactions to trade reforms - a phenomenon which previous literature had difficulty explaining and which had come to be called the "elasticity puzzle".
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© Universitäts- und Landesbibliothek Bonn | Veröffentlicht: 26.08.2013