Andrea Caggese
Working Papers
Identifying Firm-Level Financial Frictions Using Theory-Informed Restrictions
With Geert Mesters
Latest draft, May 2024
Appendix
Climate Change, Firms, and Aggregate Productivity,
With Andrea Chiavari, Sampreet Goraya and Carolina Villegas-Sanchez
Latest draft, August 2024
The Impact of Uncertainty Shocks on Workforce Composition
With Vicente Cuñat and Daniel Metzger
Latest draft, July 2024
Heterogeneous Firing Costs, Worker Types, and Productivity: Evidence from a Natural Experiment
With Ozan Guler, Mike Mariathasan, and Klaas Mulier.
R&R, American Economic Journal: Applied Economics
Latest Draft, July 2024
Zombies? Growth Options, Heterogeneous Firms, and the Allocative Effects of Zombie Lending
With Gianmarco Ruzzier
Draft coming soon
With Geert Mesters
Latest draft, May 2024
Appendix
Climate Change, Firms, and Aggregate Productivity,
With Andrea Chiavari, Sampreet Goraya and Carolina Villegas-Sanchez
Latest draft, August 2024
The Impact of Uncertainty Shocks on Workforce Composition
With Vicente Cuñat and Daniel Metzger
Latest draft, July 2024
Heterogeneous Firing Costs, Worker Types, and Productivity: Evidence from a Natural Experiment
With Ozan Guler, Mike Mariathasan, and Klaas Mulier.
R&R, American Economic Journal: Applied Economics
Latest Draft, July 2024
Zombies? Growth Options, Heterogeneous Firms, and the Allocative Effects of Zombie Lending
With Gianmarco Ruzzier
Draft coming soon
Publications
Income Inequality and Entrepreneurship: Lessons from the 2020 Covid Recession
with Christoph Albert, Beatriz Gonzalez and Victor Martin-Sanchez.
Journal of Banking & Finance, Volume 149, April 2023, https://doi.org/10.1016/j.jbankfin.2023.106779.
Working paper version: Link
How Stimulative are Low Real Interest Rates for Intangible Capital?
With Ander Perez
European Economic Review, Volume 142, February 2022. Link
Working paper version: Link.
Previously circulated as "Capital Misallocation and Secular Stagnation": Link.
Cyclical Fluctuations, Financial Shocks, and the Entry of Fast Growing Entrepreneurial Startups
with Christoph Albert
The Review of Financial Studies, Volume 34, Issue 5, May 2021, Pages 2508–2548. Link
Working paper version: Link.
Comments on: “What drives aggregate investment? Evidence from German survey data”
Journal of Economic Dynamics and Control, Volume 115, June 2020. Link
Firing the Wrong Workers: Financing Constraints and Labor Misallocation
With Vicente Cuñat and Daniel Metzger
Journal of Financial Economics, Vol. 133, Issue 3, September 2019, Pages 589-607. Link
Working paper version: Link
Coverage: BGSE Focus, UPF e-news, ViaEmpresa
Financing Constraints, Radical versus Incremental Innovation, and Aggregate productivity
American Economic Journal: Macroeconomics, Vol 11, April 2019, 275-309. Link
Working paper version: Link
Supplementary Data and Code to solve the model and replicate results (Updated 24-1-2020): Link
Financing Constraints, Firm Dynamics, Export Decisions and Aggregate Productivity
With Vicente Cuñat
Review of Economic Dynamics, Vol. 16(1), pages 177-193, January 2013. Link
Entrepreneurial Risk, Investment and Innovation
Journal of Financial Economics n.106, November 2012, 287-307. Link
How important are capital markets imperfections in determining firm decisions and aggregate fluctuations?
El Opuscles del CREI, November 2012. Link
Financing Constraints and Fixed Term Employment Contracts
With Vicente Cuñat
The Economic Journal, October 2008, n.118, 2013-2046. Link
Coverage: Nada es Gratis, LaVoce.info, Personnel Today
Testing Financing Constraints on Firm Investment Using Variable Capital
Journal of Financial Economics n.86, December 2007, 683-723. Link
Financing Constraints, Irreversibility and Investment Dynamics
Journal of Monetary Economics n.54, October 2007, 2102-2130. Link
Financial Constraints on Investments: a Three Pillar Approach
with Michele Bagella and Leonardo Becchetti
Research in Economics, 2001, vol. 55, Pages 219-54. Link
Effects of Index Option Introduction on Stock Index Volatility: a Procedure for Empirical Testing Based on SSC-GARCH models
with Leonardo Becchetti
Applied Financial Economics, 2000, vol. 10, Pages 323-41. Link
with Christoph Albert, Beatriz Gonzalez and Victor Martin-Sanchez.
Journal of Banking & Finance, Volume 149, April 2023, https://doi.org/10.1016/j.jbankfin.2023.106779.
Working paper version: Link
How Stimulative are Low Real Interest Rates for Intangible Capital?
With Ander Perez
European Economic Review, Volume 142, February 2022. Link
Working paper version: Link.
Previously circulated as "Capital Misallocation and Secular Stagnation": Link.
Cyclical Fluctuations, Financial Shocks, and the Entry of Fast Growing Entrepreneurial Startups
with Christoph Albert
The Review of Financial Studies, Volume 34, Issue 5, May 2021, Pages 2508–2548. Link
Working paper version: Link.
Comments on: “What drives aggregate investment? Evidence from German survey data”
Journal of Economic Dynamics and Control, Volume 115, June 2020. Link
Firing the Wrong Workers: Financing Constraints and Labor Misallocation
With Vicente Cuñat and Daniel Metzger
Journal of Financial Economics, Vol. 133, Issue 3, September 2019, Pages 589-607. Link
Working paper version: Link
Coverage: BGSE Focus, UPF e-news, ViaEmpresa
Financing Constraints, Radical versus Incremental Innovation, and Aggregate productivity
American Economic Journal: Macroeconomics, Vol 11, April 2019, 275-309. Link
Working paper version: Link
Supplementary Data and Code to solve the model and replicate results (Updated 24-1-2020): Link
Financing Constraints, Firm Dynamics, Export Decisions and Aggregate Productivity
With Vicente Cuñat
Review of Economic Dynamics, Vol. 16(1), pages 177-193, January 2013. Link
Entrepreneurial Risk, Investment and Innovation
Journal of Financial Economics n.106, November 2012, 287-307. Link
How important are capital markets imperfections in determining firm decisions and aggregate fluctuations?
El Opuscles del CREI, November 2012. Link
Financing Constraints and Fixed Term Employment Contracts
With Vicente Cuñat
The Economic Journal, October 2008, n.118, 2013-2046. Link
Coverage: Nada es Gratis, LaVoce.info, Personnel Today
Testing Financing Constraints on Firm Investment Using Variable Capital
Journal of Financial Economics n.86, December 2007, 683-723. Link
Financing Constraints, Irreversibility and Investment Dynamics
Journal of Monetary Economics n.54, October 2007, 2102-2130. Link
Financial Constraints on Investments: a Three Pillar Approach
with Michele Bagella and Leonardo Becchetti
Research in Economics, 2001, vol. 55, Pages 219-54. Link
Effects of Index Option Introduction on Stock Index Volatility: a Procedure for Empirical Testing Based on SSC-GARCH models
with Leonardo Becchetti
Applied Financial Economics, 2000, vol. 10, Pages 323-41. Link
Book Chapters, Publications in Italian, and Other Papers
Firm Debt Deflation, Household Precautionary Savings, and the Amplification of Aggregate Shocks
With Angelo Gutierrez and Ander Perez
Latest Draft, February 2019
Previously circulated as "The Interaction between Household and Firm Dynamics and the Amplification of Financial Shocks".
The Short- and Long-run Employment Impact of Covid-19 through the Effects of Real and Financial Shocks on New Firms. Bank of Spain Working Paper N. 2039, December 2020 (with Christoph Albert and Beatriz Gonzalez).
Firm Financing Constraints, Labour Demand and R&D
Working Paper, revised September 2006.
Financial Constraints on Investments: Evidence from Direct Revelation of Italian Firms
with Michele Bagella and Leonardo Becchetti
in (M.Baldassarri, M.Bagella and L- Paganetto, Eds.) Financial Markets, Imperfect Information and Risk Management, 2001, Palgrave
Option Trading, Speculation and Firm Specific Risk: an Empirical Testing on Industrial Firm Equities
in (M.Bagella, Ed.) Finance, Investment and Innovation: Theory and Empirical Analyses, 1999, Ashgate
Financing Constraints, Precautionary Saving and Firm Dynamics
Financial Markets Group Working Paper no. 338, London School of Economics, 1998
La Struttura del Capitale in un’Economia con Piccole e Medie Imprese [On Capital Structure in a Small-Medium Firm Economy]
with Michele Bagella and Leonardo Becchetti
Note Economiche, 1997
Finanza, Investimenti e Innovazione in Italia: il Divario tra Nord e Sud, [Finance, Investments and Innovation: the North-South Gap]
with Michele Bagella and Leonardo Becchetti
Published in the Book of the University of Campobasso ‘Finance and Growth’ Conference, 1997, Il Mulino
Struttura del Capitale, Agevolazioni, e Rendimento delle Imprese Manifatturiere Italiane, [Capital Structure, Subsidies and Performance of Italian Manufacturing Firms]
with Michele Bagella
Rassegna Economica, n.4, 1995
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With Angelo Gutierrez and Ander Perez
Latest Draft, February 2019
Previously circulated as "The Interaction between Household and Firm Dynamics and the Amplification of Financial Shocks".
The Short- and Long-run Employment Impact of Covid-19 through the Effects of Real and Financial Shocks on New Firms. Bank of Spain Working Paper N. 2039, December 2020 (with Christoph Albert and Beatriz Gonzalez).
Firm Financing Constraints, Labour Demand and R&D
Working Paper, revised September 2006.
Financial Constraints on Investments: Evidence from Direct Revelation of Italian Firms
with Michele Bagella and Leonardo Becchetti
in (M.Baldassarri, M.Bagella and L- Paganetto, Eds.) Financial Markets, Imperfect Information and Risk Management, 2001, Palgrave
Option Trading, Speculation and Firm Specific Risk: an Empirical Testing on Industrial Firm Equities
in (M.Bagella, Ed.) Finance, Investment and Innovation: Theory and Empirical Analyses, 1999, Ashgate
Financing Constraints, Precautionary Saving and Firm Dynamics
Financial Markets Group Working Paper no. 338, London School of Economics, 1998
La Struttura del Capitale in un’Economia con Piccole e Medie Imprese [On Capital Structure in a Small-Medium Firm Economy]
with Michele Bagella and Leonardo Becchetti
Note Economiche, 1997
Finanza, Investimenti e Innovazione in Italia: il Divario tra Nord e Sud, [Finance, Investments and Innovation: the North-South Gap]
with Michele Bagella and Leonardo Becchetti
Published in the Book of the University of Campobasso ‘Finance and Growth’ Conference, 1997, Il Mulino
Struttura del Capitale, Agevolazioni, e Rendimento delle Imprese Manifatturiere Italiane, [Capital Structure, Subsidies and Performance of Italian Manufacturing Firms]
with Michele Bagella
Rassegna Economica, n.4, 1995
This site uses cookies
