Repeated lending under contractual incompleteness
Annals of Finance, v. 6,
p. 51-82, 2009
Vinicius Nascimento Carrasco, João Manoel Pinho de Mello.
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Annals of Finance, v. 6,
p. 51-82, 2009
Vinicius Nascimento Carrasco, João Manoel Pinho de Mello.
The Economics of Crime: Latin America and International Perspectives.
Rafael Di Tella;Sebastian Edwards; Ernesto Schargrodsky,
p. 365-419, 2009
Rodrigo Reis Soares.
Dealing with an international credit crunch: policy responses to sudden stops in Latin America
Eduardo Cavallo; Alejandro Izquierdo,
2009
Márcio Garcia.
Rebuilding Global Trade: Proposals for a fairer, more sustainable future, GEG - ICTSD
Carolyn Deere Birkbeck e Ricardo Meléndez-Ortiz ,
2009
Marcelo de Paiva Abreu.
Brazilian Review of Econometrics, v. 29, TD n. 2,
p. 251-284, 2009
In this paper, we investigate the dynamics of labor adjustment at the rm level in
Brazilian manufacturing, using information on average hours per worker to measure
employment deviation from desired levels as in Caballero et al. (1997). We use Brazilian
manufacturing data at the establishment level and monthly frequency. The objective is
to estimate the employment adjustment function, which relates the magnitude of em-
ployment changes to the size of employment gaps. The empirical results point to the
presence of nonconvexities in employment adjustment costs in Brazilian manufacturing,
with estimated employment adjustment rates increasing with the size of employment
gaps. On average, employment adjustment rates range from 10% for small employment
gaps to 35% for large ones. The results also show that there is a large proportion of
rms in the sample that do not adjust employment over two consecutive periods. We
run several robustness tests with alternative ways of estimating the employment gaps,
using other forms of dealing with measurement error and a problem of endogeneity of the
hours change variable. Although the magnitudes of employment adjustment rates vary,
we show that: i) the variations are in line with the expected directions of the biases in
estimating the coecient of the hours change variable; and ii) the format of employment
adjustment functions does not change across speci cations, always revealing that employ-
ment adjustment rates increase with the size of employment gaps, which is compatible
with nonconvex costs of employment adjustment. We also study how the employment
adjustment function varies according to several establishment characteristics, such as
skilled-labor intensity, size, payroll expenses, and overtime payments. We show that the
employment adjustment function tends to have a higher mean and to display larger val-
ues when measured for establishments with characteristics that are arguably related to
lower costs of employment adjustment: larger proportion of low-skilled workers, smaller
size and lower overtime payments.
Gustavo Gonzaga.
Jornal "O Estado de São Paulo", 12/12/2008
Rogério Werneck.
Jornal "O Estado de São Paulo", 12/12/2008
Marcelo de Paiva Abreu.
B.E. Journal of Economic Analysis & Policy, v. 8, 2008
Eduardo Zilberman.
Jornal "O Estado de São Paulo", 01/12/2008
Marcelo de Paiva Abreu.
TD n. 560, 01/12/2008
publicado em Pesquisa e Planejamento Econômico, v. 39, n.3, 2009
Breno Gomide Braga, Gustavo Gonzaga, Sergio Firpo.
30/11/2008
Pedro Casotti de Oliveira Santos.
Orientador: Marco Antonio Cavalcanti.
30/11/2008
Pedro de Campos Vidal Camilo.
Orientador: Alex Solis.
30/11/2008
Pedro Jorge Duarte Barreto.
Orientador: Jorge Vianna Monteiro.
30/11/2008
Rafael Ramirez Pascual.
Orientador: Marcelo Medeiros.
30/11/2008
Patricia Naccache Martins da Costa.
Orientador: Juliano Assunção.
30/11/2008
Paloma Andrade Marques.
Orientador: José Marcio Camargo.
30/11/2008
Murillo Drews Morgado Horta Filho.
Orientador: Arminio Fraga Neto.