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  1. A tale of two sectors
    why is misallocation higher in services than in manufacturing?
    Autor*in: Dias, Daniel; Marques, Carlos Robalo; Richmond, Christine
    Erschienen: November 2016
    Verlag:  International Monetary Fund, [Washington, D.C.]

    Recent empirical studies document that the level of resource misallocation in the service sector is significantly higher than in the manufacturing sector. We quantify the importance of this difference and study its sources. Conservative estimates for... mehr

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    Recent empirical studies document that the level of resource misallocation in the service sector is significantly higher than in the manufacturing sector. We quantify the importance of this difference and study its sources. Conservative estimates for Portugal (2008) show that closing this gap, by reducing misallocation in the service sector to manufacturing levels, would boost aggregate gross output by around 12 percent and aggregate value added by around 31 percent. Differences in the effect and size of productivity shocks explain most of the gap in misallocation between manufacturing and services, while the remainder is explained by differences in firm productivity and age distribution. We interpret these results as stemming mainly from higher output price rigidity, greater labor adjustment costs and more informality in the service sector

     
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    Quelle: Staatsbibliothek zu Berlin
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    ISBN: 9781475553796
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    Schriftenreihe: IMF working paper ; WP/16, 220
    Schlagworte: Allokation; Produktivitätsentwicklung; Wirtschaftliche Anpassung; Wirtschaftsdaten; Dekompositionsverfahren; Portugal
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  2. A tale of two sectors
    why is misallocation higher in services than in manufacturing?
    Autor*in: Dias, Daniel; Marques, Carlos Robalo; Richmond, Christine
    Erschienen: May, 2018
    Verlag:  Board of Governors of the Federal Reserve System, [Washington, DC]

    Recent empirical studies document that the level of resource misallocation in the service sector is significantly higher than in the manufacturing sector. We quantify the importance of this difference and study its sources. Conservative estimates for... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Recent empirical studies document that the level of resource misallocation in the service sector is significantly higher than in the manufacturing sector. We quantify the importance of this difference and study its sources. Conservative estimates for Portugal (2008) show that closing this gap, by reducing misallocation in the service sector to manufacturing levels, would boost aggregate gross output by around 12 percent and aggregate value added by around 31 percent. Differences in the effect and size of productivity shocks explain most of the gap in misallocation between manufacturing and services, while the remainder is explained by differences in firm productivity and age distribution. We interpret these results as stemming mainly from higher output-price rigidity, higher labor adjustment costs, and higher informality in the service sector

     
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    Schriftenreihe: International finance discussion papers ; number1229 (May 2018)
    FRB International Finance Discussion Paper ; No. 1229
    Schlagworte: Misallocation; productivity; firm-level data; structural transformation; Gelbach decomposition
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  3. A tale of two sectors
    why is misallocation higher in services than in manufacturing?
    Autor*in: Dias, Daniel; Marques, Carlos Robalo; Richmond, Christine
    Erschienen: November 2016
    Verlag:  International Monetary Fund, [Washington, D.C.]

    Recent empirical studies document that the level of resource misallocation in the service sector is significantly higher than in the manufacturing sector. We quantify the importance of this difference and study its sources. Conservative estimates for... mehr

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    Recent empirical studies document that the level of resource misallocation in the service sector is significantly higher than in the manufacturing sector. We quantify the importance of this difference and study its sources. Conservative estimates for Portugal (2008) show that closing this gap, by reducing misallocation in the service sector to manufacturing levels, would boost aggregate gross output by around 12 percent and aggregate value added by around 31 percent. Differences in the effect and size of productivity shocks explain most of the gap in misallocation between manufacturing and services, while the remainder is explained by differences in firm productivity and age distribution. We interpret these results as stemming mainly from higher output price rigidity, greater labor adjustment costs and more informality in the service sector

     
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
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    ISBN: 9781475553796
    Weitere Identifier:
    Schriftenreihe: IMF working paper ; WP/16, 220
    Schlagworte: Allokation; Produktivitätsentwicklung; Wirtschaftliche Anpassung; Wirtschaftsdaten; Dekompositionsverfahren; Portugal
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  4. Choosing between time and state dependence
    micro evidence on firms' price-reviewing strategies
    Autor*in: Dias, Daniel; Marques, Carlos Robalo; Martins, Fernando
    Erschienen: 2011
    Verlag:  European Central Bank, Frankfurt am Main

    Thanks to recent findings based on survey data, it is now well known that firms differ from each other with respect to their price-reviewing strategies. While some firms review their prices at fixed intervals of time, others prefer to perform price... mehr

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    Thanks to recent findings based on survey data, it is now well known that firms differ from each other with respect to their price-reviewing strategies. While some firms review their prices at fixed intervals of time, others prefer to perform price revisions in response to changes in economic conditions. In order to explain this fact, some theories have been suggested in the literature. However, empirical evidence on the relative importance of the factors determining firms’ different strategies is virtually nonexistent. This paper contributes to filling this gap by investigating the factors that explain why firms follow time-, state- or time- and state-dependent price-reviewing rules. We find that firms’ strategies vary with firm characteristics that have a bearing on the importance of information costs, the variability of the optimal price and the sensitivity of profits to non-optimal prices. Menu costs, however, do not seem to play a significant role. - Survey data ; price stickiness ; menu costs ; information costs ; multinomial probit

     
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    hdl: 10419/153739
    Schriftenreihe: Working paper series / European Central Bank ; 1305
    Umfang: Online-Ressource, (36 S., 1,19 MB)
  5. Every cloud has a silver lining
    cleansing effects of the Portuguese financial crisis
    Autor*in: Dias, Daniel; Marques, Carlos Robalo
    Erschienen: June 3, 2019
    Verlag:  Board of Governors of the Federal Reserve System, [Washington, DC]

    No abstract available mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    No abstract available

     
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    Schriftenreihe: International finance discussion papers ; number 1250 (June 2019)
    FRB International Finance Discussion Paper ; No. 1250
    Schlagworte: Productivity; firm-level data; entry; exit; survival
    Umfang: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  6. From micro to macro: a note on the analysis of aggregate productivity dynamics using firm-level data
    Autor*in: Dias, Daniel; Marques, Carlos Robalo
    Erschienen: 2021
    Verlag:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    Schriftenreihe: International finance discussion papers ; number 1314 (April 2021)
    Schlagworte: Jensen's inequality; productivity decomposition; geometric mean
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  7. Global spillovers of a China hard landing
    Autor*in: Ahmed, Shaghil; Correa, Ricardo; Dias, Daniel; Gornemann, Nils; Hoek, Jasper; Jain, Anil; Liu, Edith; Wong, Anna
    Erschienen: 2019
    Verlag:  Board of Governors of the Federal Reserve System, [Washington, DC]

    China’s economy has become larger and more interconnected with the rest of the world, thus raising the possibility that acute financial stress in China may lead to global financial instability. This paper analyzes the potential spillovers of such... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    China’s economy has become larger and more interconnected with the rest of the world, thus raising the possibility that acute financial stress in China may lead to global financial instability. This paper analyzes the potential spillovers of such an event to the rest of the world with three methodologies: a VAR, an event study, and a DSGE model. We find the sentiment channel to be the primary spillover channel to the United States, affecting global risk aversion and asset prices such as equity prices and the dollar, in addition to modest real effects through the trade channel. In comparison, the combined financial and real effects to other advanced and emerging market economies, especially net commodity exporters, would be more consequential due to their larger direct exposure to China and more limited scope of monetary policy to respond to shocks

     
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    Schriftenreihe: International finance discussion papers ; number 1260 (October 2019)
    FRB International Finance Discussion Paper ; No. 1260
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  8. Learning, prices, and firm dynamics
    Autor*in: Bastos, Paulo; Dias, Daniel; Timoshenko, Olga A.
    Erschienen: May 2016
    Verlag:  World Bank Group, Development Research Group, Trade and International Integration Team, Washington, D.C.

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    Schriftenreihe: Policy research working paper ; 7667
    Schlagworte: Industrie; Lernende Organisation; Nachfrage; Preis; Produktqualität; Unternehmenswachstum; Exportwirtschaft; Portugal
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  9. Learning, prices, and firm dynamics
    Autor*in: Bastos, Paulo; Dias, Daniel; Timoshenko, Olga A.
    Erschienen: February 8, 2017
    Verlag:  Board of Governors of the Federal Reserve System, [Washington, DC]

    We document new facts about the evolution of firm performance and prices in international markets, and propose a theory of firm dynamics emphasizing the interaction between learning about demand and quality choice to explain the observed patterns.... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    We document new facts about the evolution of firm performance and prices in international markets, and propose a theory of firm dynamics emphasizing the interaction between learning about demand and quality choice to explain the observed patterns. Using data from the Portuguese manufacturing sector, we find that: (1) firms with longer spells of activity in export destinations tend to ship larger quantities at lower prices; (2) older exporters tend to use more expensive inputs; (3) revenue growth within destinations (conditional on initial size) tends to decline with market experience; and (4) input prices and quantities tend to increase with revenue growth within firms. We develop a model of endogenous input and output quality choices in a learning environment that is able to account for these patterns. Counterfactual simulations reveal that minimum quality standards on traded goods reduce welfare by lowering entry in export markets and reallocating resources from old and large towards young and small firms

     
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    Schriftenreihe: International finance discussion papers ; number1193 (February 2017)
    FRB International Finance Discussion Paper ; No. 1193
    Schlagworte: Industrie; Lernende Organisation; Nachfrage; Preis; Produktqualität; Unternehmenswachstum; Exportwirtschaft; Portugal
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  10. Measuring the importance of the uniform nonsynchronization hypothesis
    Autor*in: Dias, Daniel; Marques, Carlos Robalo; Silva, João Santos
    Erschienen: 2006
    Verlag:  Banco de Portugal, Economic Research Dep., Lisboa

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    Schriftenreihe: Estudos e documentos de trabalho / Banco de Portugal ; 2006,3
    Schlagworte: Marktmechanismus; Theorie
    Umfang: 13 Bl.
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  11. Misallocation and productivity in the lead up to the Eurozone crisis
    Autor*in: Dias, Daniel; Marques, Carlos Robalo; Richmond, Christine
    Erschienen: September 2015
    Verlag:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    Schriftenreihe: International finance discussion papers ; number1146
    Schlagworte: Schuldenkrise; Produktivitätsentwicklung; Finanzmarktregulierung; Europäische Integration; Eurozone; EU-Staaten
    Umfang: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  12. Monetary policy and homeownership
    empirical evidence, theory, and policy implications
    Autor*in: Dias, Daniel; Duarte, João
    Erschienen: [2022]
    Verlag:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    Schriftenreihe: International finance discussion papers ; number 1344 (May 2022)
    Schlagworte: Monetary policy; Homeownership; Housing rents and housing prices; Inflation dynamics; Housing tenure choice; "Price puzzle"
    Umfang: 1 Online-Ressource (circa 66 Seiten), Illustrationen
  13. Monetary policy, housing rents, and inflation dynamics
    Autor*in: Dias, Daniel; Duarte, João B.
    Erschienen: May 2019
    Verlag:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Schriftenreihe: International finance discussion papers ; number1248 (Mai 2019)
    FRB International Finance Discussion Paper ; No. 1248
    Schlagworte: Monetary policy; Housing rents; Inflation dynamics; “Price puzzle”; Housing tenure
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  14. Price setting in the euro area
    some stylized facts from individual consumer price data
    Autor*in: Dhyne, Emmanuel; Álvarez, Luis J.; Le Bihan, Hervé; Veronese, Giovanni; Dias, Daniel; Hoffmann, Johannes; Jonker, Nicole; Lünnemann, Patrick; Rumler, Fabio; Vilmunen, Jouko
    Erschienen: [2005]
    Verlag:  National Bank of Belgium, Brussels

    This paper documents patterns of price setting at the retail level in the euro area, summarized in six stylized facts. First, the average euro area monthly frequency of price adjustment is 15 p.c., compared to about 25 p.c. in the US. Second, the... mehr

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    This paper documents patterns of price setting at the retail level in the euro area, summarized in six stylized facts. First, the average euro area monthly frequency of price adjustment is 15 p.c., compared to about 25 p.c. in the US. Second, the frequency of price changes is characterized by substantial cross product heterogeneity - prices of oil and unprocessed food products change very often, while price adjustments are less frequent for processed food, non energy industrial goods and services. Third, cross country heterogeneity exists but is less pronounced. Fourth, price decreases are not uncommon. Fifth, price increases and decreases are sizeable compared to aggregate and sectoral inflation rates. Sixth, price changes are not highly synchronized across retailers. Moreover, the frequency of price changes in the euro area is related to several factors, such as seasonality, outlet type, indirect taxation, pricing practices as well as aggregate or product specific inflation.

     
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    hdl: 10419/144288
    Schriftenreihe: Working paper research / National Bank of Belgium ; no 74 (September 2005)
    Schlagworte: Einzelhandelspreis; EU-Staaten
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
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    Record-last-verified: 07-03-06
  15. Price setting in the euro area
    some stylised facts from individual producer price data
    Autor*in: Vermeulen, Philip; Dias, Daniel; Dossche, Maarten; Gautier, Erwan; Hernando, Ignacio; Sabbatini, Roberto; Stahl, Harald
    Erschienen: [2007]
    Verlag:  National Bank of Belgium, Brussels

    This paper documents producer price setting in 6 countries of the euro area: Germany, France, Italy, Spain, Belgium and Portugal. It collects evidence from available studies on each of those countries and also provides new evidence. These studies use... mehr

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    This paper documents producer price setting in 6 countries of the euro area: Germany, France, Italy, Spain, Belgium and Portugal. It collects evidence from available studies on each of those countries and also provides new evidence. These studies use monthly producer price data. The following five stylised facts emerge consistently across countries. First, producer prices change infrequently: each month around 21% of prices change. Second, there is substantial cross-sector heterogeneity in the frequency of price changes: prices change very often in the energy sector, less often in food and intermediate goods and least often in non-durable non- food and durable goods. Third, countries have a similar ranking of industries in terms of frequency of price changes. Fourth, there is no evidence of downward nominal rigidity: price changes are for about 45% decreases and 55% increases. Fifth, price changes are sizeable compared to the inflation rate. The paper also examines the factors driving producer price changes. It finds that costs structure, competition, seasonality, inflation and attractive pricing all play a role in driving producer price changes. In addition producer prices tend to be more flexible than consumer prices.

     
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    hdl: 10419/144324
    Schriftenreihe: Working paper research / National Bank of Belgium ; no 111 (March 2007)
    Schlagworte: Preismanagement; Volatilität; Deutschland; Frankreich; Italien; Spanien; Belgien; Portugal
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  16. Stylised features of price setting behaviour in Portugal: 1992 - 2001
    Autor*in: Dias, Mónica; Dias, Daniel; Neves, Pedro D.
    Erschienen: 2004
    Verlag:  Banco de Portugal, Economic Research Dep., Lisboa

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    Schriftenreihe: Estudos e documentos de trabalho / Banco de Portugal ; 04,5
    Schlagworte: Preismanagement; Portugal
    Umfang: 61 Bl, graph. Darst
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  17. The effect of monetary policy on housing tenure choice as an explanation for the price puzzle
    Autor*in: Dias, Daniel; Duarte, João B.
    Erschienen: June 2016
    Verlag:  Board of Governors of the Federal Reserve System, [Washington, DC]

    In this paper we provide an alternative explanation for the price puzzle (Sims 1992) based on the effect of monetary policy on housing tenure choice and the weight of the shelter component in overall CPI. In the presence of nominal or financial... mehr

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    In this paper we provide an alternative explanation for the price puzzle (Sims 1992) based on the effect of monetary policy on housing tenure choice and the weight of the shelter component in overall CPI. In the presence of nominal or financial frictions, when interest rates increase, the real cost of owning a house increases, and this increase may make some people prefer to rent instead of buying. This change in consumption behavior increases the price of rents relative to other goods. Starting in 1983, homeownership costs are based on a measure of implied owner equivalent rent, which is calculated using observed house rents. This change implies that, directly and indirectly, prices in the rental market almost entirely command the shelter component of CPI, which weighs around 30% in the overall index. When we take these two pieces into account and use CPI net of shelter services as a measure of inflation, we obtain impulse responses of prices to a monetary contraction shock more in line with what is predicted by theory. In addition, our results also suggest that inflation is much less persistent than what is implied by analyses using a measure of inflation that includes shelter services. Our results pass a long list of robustness check exercises and compare well against other explanations of the price puzzle

     
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    Schriftenreihe: International finance discussion papers ; number1171 (June 2016)
    Schlagworte: Besitzformwahl; Immobilienpreis; Geldpolitik; Wirkungsanalyse; VAR-Modell; Welt
    Umfang: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  18. The stock of external sovereign debt
    can we take the data at "face value"?
    Autor*in: Dias, Daniel; Richmond, Christine J.; Wright, Mark L. J.
    Erschienen: 2011

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    Schriftenreihe: NBER working paper series ; 17551
    Schlagworte: Öffentliche Schulden; Internationale Staatsschulden; Messung; Entwicklungsländer
    Umfang: 40 S., graph. Darst.
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  19. The stock of external sovereign debt
    can we take the data at 'face value'?
    Autor*in: Dias, Daniel; Richmond, Christine; Wright, Mark L. J.
    Erschienen: 2014
    Verlag:  Federal Reserve Bank of Chicago, Chicago, Ill.

    The stock of sovereign debt is typically measured at face value. Defined as the undiscounted sum of future principal repayments, face values are misleading when debts are issued with different contractual forms or maturities. In this paper, we... mehr

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    The stock of sovereign debt is typically measured at face value. Defined as the undiscounted sum of future principal repayments, face values are misleading when debts are issued with different contractual forms or maturities. In this paper, we construct alternative measures of the stock of external sovereign debt for 100 developing countries from 1979 through 2006 that correct for differences in contractual form and maturity. We show that our alternative measures: (1) paint a very different quantitative, and in some cases also qualitative, picture of the stock of developing country external sovereign debt; (2) often invert rankings of indebtedness across countries, which historically defined eligibility for debt forgiveness; (3) indicate that the empirical performance of the benchmark quantitative model of sovereign debt deteriorates by roughly 50% once model-consistent measures of debt are used; (4) show how the spread of aggregation clauses in debt contracts that award creditors voting power in proportion to the contractual face value may introduce inefficiencies into the process of restructuring sovereign debts; and (5) illustrate how countries have manipulated their debt issuance to meet fiscal targets written in terms of face values.

     
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    Weitere Identifier:
    hdl: 10419/130666
    Schriftenreihe: Working papers / Federal Reserve Bank of Chicago ; 2014-05
    Umfang: Online-Ressource (48, 5 S.), graph. Darst.
  20. Time or state dependent price setting rules?
    Evidence from Portuguese micro data
    Autor*in: Dias, Daniel; Marques, Carlos Robalo; Silva, João Santos
    Erschienen: 2005
    Verlag:  Banco de Portugal, Economic Research Dep., Lisboa

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    Schriftenreihe: Estudos e documentos de trabalho / Banco de Portugal ; 2005,8
    Schlagworte: Preisrigidität; Preismanagement; Inflation
    Umfang: 35 Bl, graph. Darst
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  21. Using mean reversion as a measure of persistence
    Autor*in: Dias, Daniel; Marques, Carlos Robalo
    Erschienen: 2005
    Verlag:  Banco de Portugal, Economic Research Dep., Lisboa

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Schriftenreihe: Estudos e documentos de trabalho / Banco de Portugal ; 2005,3
    Schlagworte: Inflation; Zeitreihenanalyse; Geldpolitik; Theorie; Mean Reversion
    Umfang: 49 Bl, graph. Darst
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  22. Why are some prices stickier than others?
    firm-data evidence on price adjustment lags
    Autor*in: Dias, Daniel; Marques, Carlos Robalo; Martins, Fernando
    Erschienen: 2011
    Verlag:  European Central Bank, Frankfurt am Main

    Infrequent price changes at the firm level are now well documented in the literature. However, a number of issues remain partly unaddressed. This paper contributes to the literature on price stickiness by investigating the lags of price adjustments... mehr

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    Infrequent price changes at the firm level are now well documented in the literature. However, a number of issues remain partly unaddressed. This paper contributes to the literature on price stickiness by investigating the lags of price adjustments to different types of shocks. We find that adjustment lags to cost and demand shocks vary with firm characteristics, namely the firm’s cost structure, the type of pricing policy, and the type of good. We also document that firms react asymmetrically to demand and cost shocks, as well as to positive and negative shocks, and that the degree and direction of the asymmetry varies across firms. - Firm heterogeneity ; Panel-ordered probit ; Real rigidities ; Survey data

     
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    Weitere Identifier:
    hdl: 10419/153740
    Schriftenreihe: Working paper series / European Central Bank ; 1306
    Umfang: Online-Ressource, (41 S., 1,24 MB)