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Firm entry and liquidity

  • Lenno Uuskyla

    ()

This paper shows that fewer firms enter after a contractionary liquidity shock and that firm entry reacts quicker to liquidity than the economic activity indicator. The results are obtained by using Estonian data for the period 1995M1–2006M7. Various structural VAR and VECM models are exploited to identify the liquidity shock.

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File URL: http://www.eestipank.ee/sites/eestipank.ee/files/publication/en/WorkingPapers/2007/_wp_607.pdf
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Paper provided by Bank of Estonia in its series Bank of Estonia Working Papers with number 2007-06.

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Date of creation: 26 Aug 2007
Date of revision: 26 Aug 2007
Handle: RePEc:eea:boewps:wp2007-06
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  1. Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 1997. "Monetary policy shocks: what have we learned and to what end?," Working Paper Series, Macroeconomic Issues WP-97-18, Federal Reserve Bank of Chicago.
  2. David Altig & Lawrence Christiano & Martin Eichenbaum & Jesper Linde, 2005. "Firm-Specific Capital, Nominal Rigidities and the Business Cycle," NBER Working Papers 11034, National Bureau of Economic Research, Inc.
  3. Myers, M G & Weintraub, E R, 1971. "A Dynamic Model of Firm Entry," Review of Economic Studies, Wiley Blackwell, vol. 38(113), pages 127-29, January.
  4. Bilbiie, Florin Ovidiu & Ghironi, Fabio & Melitz, Marc J, 2011. "Endogenous Entry, Product Variety, and Business Cycles," CEPR Discussion Papers 8564, C.E.P.R. Discussion Papers.
  5. Jeffrey Campbell, 1998. "Entry, Exit, Embodied Technology, and Business Cycles," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(2), pages 371-408, April.
  6. Ilmakunnas, Pekka & Topi, Jukka, 1996. "Microeconomic and Macroeconomic Influences on Entry and Exit of Firms," Research Discussion Papers 6/1996, Bank of Finland.
  7. Florin Bilbiie & Fabio Ghironi & Marc J. Melitz, 2005. "Business Cycles and Firm Dynamics," 2005 Meeting Papers 842, Society for Economic Dynamics.
  8. Vivien Lewis, 2006. "Macroeconomic fluctuations and firm entry: theory and evidence," Computing in Economics and Finance 2006 112, Society for Computational Economics.
  9. Smith, Vernon L., 1974. "Optimal costly firm entry in general equilibrium," Journal of Economic Theory, Elsevier, vol. 9(4), pages 397-417, December.
  10. Geroski, P. A., 1995. "What do we know about entry?," International Journal of Industrial Organization, Elsevier, vol. 13(4), pages 421-440, December.
  11. David Altig & Lawrence Christiano & Martin Eichenbaum & Jesper Linde, 2005. "Online Appendix to "Firm-Specific Capital, Nominal Rigidities and the Business Cycle"," Technical Appendices 09-191, Review of Economic Dynamics.
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