The Resource The Role of Corporate Saving Over the Business Cycle : Shock Absorber or Amplifier?, Xiaodan Gao

The Role of Corporate Saving Over the Business Cycle : Shock Absorber or Amplifier?, Xiaodan Gao

Label
The Role of Corporate Saving Over the Business Cycle : Shock Absorber or Amplifier?
Title
The Role of Corporate Saving Over the Business Cycle
Title remainder
Shock Absorber or Amplifier?
Statement of responsibility
Xiaodan Gao
Contributor
Distributor
Subject
Genre
Language
  • eng
  • eng
Summary
'We document countercyclical corporate saving behavior with the degree of countercyclicality varying nonmonotonically with firm size. We then develop a dynamic stochastic general equilibrium model with heterogeneous firms to explain the pattern and study its implications for business cycles. In the presence of financial frictions and fixed operating costs, a persistent negative productivity shock signals low future income and prompts firms to hold more cash in order to preserve financial flexibility and maintain normal operations. This countercyclicality exhibits a hump-shaped relation to firm size. Compared with medium-sized firms, small firms have a higher marginal product of capital and thus better investment opportunities, which compete for resources with cash, while large firms have more pledgeable assets and demand less cash. We find that, on average, firms accumulate cash by cutting investment and employment in recessions, which reduces aggregate output and increases economic fluctuations. Corporate saving, therefore, amplifies aggregate shocks'--Abstract
Member of
Cataloging source
CaOOCEL
Government publication
federal national government publication
Index
no index present
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/relatedWorkOrContributorName
  • Gao, Xiaodan
  • Xu, Shaofeng
  • Canadian Electronic Library (Firm)
Series statement
Staff Working Paper/Document de travail du personnel;
Series volume
2018-59
http://library.link/vocab/subjectName
  • Bellman equation
  • Bond (finance)
  • Bond market
  • Business cycle
  • Capital (economics)
  • Competitive equilibrium
  • Debt
  • Dependent and independent variables
  • Dividend
  • Dynamic stochastic general equilibrium
Label
The Role of Corporate Saving Over the Business Cycle : Shock Absorber or Amplifier?, Xiaodan Gao
Link
http://www.deslibris.ca/ID/10099566
Instantiates
Publication
Note
Issued as part of the desLibris documents collection
Carrier category
online resource
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type MARC source
rdacontent
Dimensions
unknown
Extent
1 online resource (56 pages).
Form of item
online
Governing access note
Access restricted to authorized users and institutions.
Media category
electronic
Media MARC source
isbdmedia
Publisher number
10099566
Specific material designation
remote
System control number
  • (OCoLC)1083762758
  • (CaOOCEL)10099566
System details
Mode of access: World Wide Web
Type of computer file
Electronic monograph in PDF format.
Label
The Role of Corporate Saving Over the Business Cycle : Shock Absorber or Amplifier?, Xiaodan Gao
Link
http://www.deslibris.ca/ID/10099566
Publication
Note
Issued as part of the desLibris documents collection
Carrier category
online resource
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type MARC source
rdacontent
Dimensions
unknown
Extent
1 online resource (56 pages).
Form of item
online
Governing access note
Access restricted to authorized users and institutions.
Media category
electronic
Media MARC source
isbdmedia
Publisher number
10099566
Specific material designation
remote
System control number
  • (OCoLC)1083762758
  • (CaOOCEL)10099566
System details
Mode of access: World Wide Web
Type of computer file
Electronic monograph in PDF format.

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