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Rising Energy Prices and Productivity: Short-run Pain, Long-term Gain?

2023
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Release : 2023
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Book Rating : /5 ( reviews)

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Book Synopsis Rising Energy Prices and Productivity: Short-run Pain, Long-term Gain? by : Christophe André

Download or read book Rising Energy Prices and Productivity: Short-run Pain, Long-term Gain? written by Christophe André. This book was released on 2023. Available in PDF, EPUB and Kindle. Book excerpt: Soaring energy prices have raised concerns about the risks energy price shocks pose for firms' performance and the green transition. This paper estimates the impacts of energy price changes on firms' productivity as well as their dynamics, distinguishing between the short and medium-to-long term, using historical data. The analysis shows that following an energy price shock, firms adjust down their capacity utilisation, and their productivity declines. The estimates suggest that a 5% increase in energy prices reduces productivity by approximately 0.4% one year later. However, firms may display positive productivity gains in the medium term. Specifically, a shock corresponding to a 10% increase in energy prices is associated with an increase in productivity growth of around 0.9 p.p four years after the shock. These gains are more likely in less energy-intensive sectors, but tend not to materialise for larger shocks. There is some evidence that investment may be the channel behind productivity gains, the latter being larger for firms that had made investments in capital just before the shock.

What is the Impact of Increased Business Competition?

2019-12-13 Business & Economics
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Release : 2019-12-13
Genre : Business & Economics
Kind : eBook
Book Rating : 519/5 ( reviews)

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Book Synopsis What is the Impact of Increased Business Competition? by : Sónia Félix

Download or read book What is the Impact of Increased Business Competition? written by Sónia Félix. This book was released on 2019-12-13. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the macroeconomic effect and underlying firm-level transmission channels of a reduction in business entry costs. We provide novel evidence on the response of firms' entry, exit, and employment decisions. To do so, we use as a natural experiment a reform in Portugal that reduced entry time and costs. Using the staggered implementation of the policy across the Portuguese municipalities, we find that the reform increased local entry and employment by, respectively, 25% and 4.8% per year in its first four years of implementation. Moreover, around 60% of the increase in employment came from incumbent firms expanding their size, with most of the rise occurring among the most productive firms. Standard models of firm dynamics, which assume a constant elasticity of substitution, are inconsistent with the expansionary and heterogeneous response across incumbent firms. We show that in a model with heterogeneous firms and variable markups the most productive firms face a lower demand elasticity and expand their employment in response to increased entry.

Fiscal Policy and Long-Term Growth

2015-04-20 Business & Economics
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Release : 2015-04-20
Genre : Business & Economics
Kind : eBook
Book Rating : 658/5 ( reviews)

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Book Synopsis Fiscal Policy and Long-Term Growth by : International Monetary Fund

Download or read book Fiscal Policy and Long-Term Growth written by International Monetary Fund. This book was released on 2015-04-20. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.

Producing Prosperity

2012-09-25 Business & Economics
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Release : 2012-09-25
Genre : Business & Economics
Kind : eBook
Book Rating : 543/5 ( reviews)

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Book Synopsis Producing Prosperity by : Gary P. Pisano

Download or read book Producing Prosperity written by Gary P. Pisano. This book was released on 2012-09-25. Available in PDF, EPUB and Kindle. Book excerpt: Manufacturing’s central role in global innovation Companies compete on the decisions they make. For years—even decades—in response to intensifying global competition, companies decided to outsource their manufacturing operations in order to reduce costs. But we are now seeing the alarming long-term effect of those choices: in many cases, once manufacturing capabilities go away, so does much of the ability to innovate and compete. Manufacturing, it turns out, really matters in an innovation-driven economy. In Producing Prosperity, Harvard Business School professors Gary Pisano and Willy Shih show the disastrous consequences of years of poor sourcing decisions and underinvestment in manufacturing capabilities. They reveal how today’s undervalued manufacturing operations often hold the seeds of tomorrow’s innovative new products, arguing that companies must reinvest in new product and process development in the US industrial sector. Only by reviving this “industrial commons” can the world’s largest economy build the expertise and manufacturing muscle to regain competitive advantage. America needs a manufacturing renaissance—for restoring itself, and for the global economy as a whole. This will require major changes. Pisano and Shih show how company-level choices are key to the sustained success of industries and economies, and they provide business leaders with a framework for understanding the links between manufacturing and innovation that will enable them to make better outsourcing decisions. They also detail how government must change its support of basic and applied scientific research, and promote collaboration between business and academia. For executives, policymakers, academics, and innovators alike, Producing Prosperity provides the clearest and most compelling account yet of how the American economy lost its competitive edge—and how to get it back.

Essential Economics

2004-05-01 Business & Economics
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Release : 2004-05-01
Genre : Business & Economics
Kind : eBook
Book Rating : 805/5 ( reviews)

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Book Synopsis Essential Economics by : Matthew Bishop

Download or read book Essential Economics written by Matthew Bishop. This book was released on 2004-05-01. Available in PDF, EPUB and Kindle. Book excerpt:

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