Monetary policy, firm heterogeneity, and product variety

Zanetti, Francesco; Hamano, Masashige

doi:10.1016/j.euroecorev.2022.104089

Cited by 11 publications

(4 citation statements)

References 28 publications

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“…More broadly, firm dynamics play an important role to understand aggregate business cycle fluctuations (Clementi and Palazzo 2016). The properties of entering and exiting firms are crucial for the welfare consequences of monetary policy (Hamano and Zanetti 2022) and supply chain disruptions (Bilbiie and Melitz 2020). Google Places information on firms sector, price level, popularity, location and hours of operation could serve as a proxy for the demand and competitiveness.…”

Section: Discussionmentioning

confidence: 99%

Business Closures and (Re)Openings in Real-Time Using Google Places: Proof of Concept

Rigobon

Duprey

Kotlicki

et al. 2022

JRFM

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We present a new estimation of business opening and closure rates using data from Google Places—the data set behind the Google Maps service. Our algorithm, through a bisection routine, counts the appearance and disappearance of “pins” that represent unique businesses. As a proof of concept, we compute business opening and closure rates for the city of Ottawa during the reopening phase of the COVID-19 pandemic in mid-2021. The lifting of restrictions coincides with a wave of re-entry of temporarily closed businesses, suggesting that government support may have facilitated the survival of hibernating businesses. Our entry estimates are validated by a survey of new businesses. This methodology allows policymakers to monitor business dynamics in quasi-real-time during rapidly unfolding crises.

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Section: Discussionmentioning

confidence: 99%

Business Closures and (Re)Openings in Real-Time Using Google Places: Proof of Concept

Rigobon

Duprey

Kotlicki

et al. 2022

JRFM

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show abstract

“…The first is the interest rate set by a Central Bank and which then influences borrowing rates for all firms including new start-ups. A second group of factors is the role of monetary policy which Hamano and Zanetti (2022) show can significantly affect the entry of new firms. A third key influence on new firm creation that is set primarily at the national level is the business regulatory framework, although it may be enforced sub-nationally.…”

Section: The Case For League Tablesmentioning

confidence: 99%

Leapfrogging and plunging in regional entrepreneurship performance in the United States, with European comparisons

2023

OECD SME and Entrepreneurship Papers

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This paper analyses persistence and change in the regional league table of entrepreneurship performance in the United States in comparison with England and Wales and West Germany. It examines whether regional rankings in start-up and self-employment rates in the United States are as sticky over time as in these European countries over approximately century, half-century and 30-year periods, or whether the United States is different. It identifies the types of regions that improve markedly ("leapfroggers") or decline sharply ("plungers") in their league table positions and the reasons for these changes and compares the countries on these issues. The paper draws out policy implications on regional levelling-up of entrepreneurship activity. It also sets out an agenda for further research.

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“…Clementi and Palazzo (2016) and Hamano and Zanetti (2017) are early examples of real models in this literature. Totzek (2009), Hamano and Zanetti (2018), Rossi (2019), Hartwig and Lieberknecht (2021), Colciago and Silvestrini (2022), Ascari et al (2021), andZanetti (2022), consider the role of monetary policy in economic environments close to ours. With respect to these works, we focus on the fiscal transmission mechanism.…”

Section: Related Literaturementioning

confidence: 99%