Essays on Heterogeneous Firms in Macroeconomics: Quantitative Frameworks and Policy Prescriptions
Loading...
Document Type
Document Version
Author
Director
Caggese, Andrea
Nagy, David Krisztián
Nagy, David Krisztián
Tutor
Debortoli, Davide
Other authors
Publication Date
Pages
200 p.
Embargo date
Citation
Irisarri, M. Essays on Heterogeneous Firms in Macroeconomics: Quantitative Frameworks and Policy Prescriptions. Universitat Pompeu Fabra; 2025. handle: http://hdl.handle.net/10803/695361
This citation was generated automatically.
Citation
Doctoral program
Universitat Pompeu Fabra. Doctorat en Economia, Finances i Empresa
Abstract
Aquesta tesi consta de tres capítols que exploren els efectes agregats de la heterogeneïtat empresarial en la comprensió de la fiscalitat sobre el capital i la riquesa, l’adaptació de les empreses als riscos climàtics cada vegada més intensos i la distribució espacial de l’activitat econòmica, amb un enfocament en marcs quantitatius i propostes de política. El primer capítol investiga un mecanisme d’assegurança privada contra el risc recurrent d’inundacions a l’Índia, basat en l’acumulació d’un capital preventiu d’inundacions. Aquest mecanisme pot racionalitzar les dades: els districtes històricament menys exposats pateixen un impacte més gran després d’una inundació. El segon capítol examina si els emprenedors i el seu capital estan assignats òptimament en l’espai, tenint en compte la presència de friccions financeres i les productivitats heterogènies de les ciutats. Els resultats indiquen que les Àrees Urbanes més productives estan més constrenyides pel capital, fet que es tradueix en polítiques emprenedores territorials concentrades a les ciutats més productives que incrementen el benestar i la producció a nivell estatal, tot i que a costa d’exacerbar les disparitats econòmiques regionals. El tercer i darrer capítol explora les implicacions de política per a la fiscalitat de la riquesa i del capital tenint en compte la presència d’emprenedors amb restriccions financeres. Els resultats suggereixen que es pot assolir una millora en l’eficiència allocativa substituint la imposició sobre el capital per la imposició sobre la riquesa, encara que això requereix un exempt suficientment elevat en l’impost sobre la riquesa.
This thesis consists of three chapters which explore the aggregate effects of firm heterogeneity in understanding capital and wealth taxation, the adaptation of firms to the ever increasing climate-related risks and the spatial distribution of economic activity, with a focus on quantitative frameworks and policy prescriptions. The first chapter explores a private insurance mechanism to the recurrent flood risk in India, which relies on accumulating a \textit{flood preventing capital}. This mechanism can rationalize the data: historically less exposed districts experience a larger impact following a flood. The second chapter studies whether entrepreneurs and their capital are optimally allocated across space, given the presence of financial frictions and the heterogeneous productivities of cities across space. The findings point to more productive Urban Areas being more capital constrained, which translates into placed-based entrepreneurial policies aimed at productive cities that boost welfare and production at the country-level, albeit at the cost of exacerbating regional economic disparities. The third and last chapter explores the policy implications for wealth and capital taxation of the presence of financially constrained entrepreneurs. The findings suggest that an allocative efficiency improvement can be attained by replacing capital with wealth taxation, although only with a sufficiently high exemption on the wealth tax.
This thesis consists of three chapters which explore the aggregate effects of firm heterogeneity in understanding capital and wealth taxation, the adaptation of firms to the ever increasing climate-related risks and the spatial distribution of economic activity, with a focus on quantitative frameworks and policy prescriptions. The first chapter explores a private insurance mechanism to the recurrent flood risk in India, which relies on accumulating a \textit{flood preventing capital}. This mechanism can rationalize the data: historically less exposed districts experience a larger impact following a flood. The second chapter studies whether entrepreneurs and their capital are optimally allocated across space, given the presence of financial frictions and the heterogeneous productivities of cities across space. The findings point to more productive Urban Areas being more capital constrained, which translates into placed-based entrepreneurial policies aimed at productive cities that boost welfare and production at the country-level, albeit at the cost of exacerbating regional economic disparities. The third and last chapter explores the policy implications for wealth and capital taxation of the presence of financially constrained entrepreneurs. The findings suggest that an allocative efficiency improvement can be attained by replacing capital with wealth taxation, although only with a sufficiently high exemption on the wealth tax.
Keywords
Macroeconomia, Macroeconomics, Macroeconomía
Subjects
33 - Economics
Publisher
Universitat Pompeu Fabra
