{"@context":"http://iiif.io/api/presentation/2/context.json","@id":"https://repo.library.stonybrook.edu/cantaloupe/iiif/2/manifest.json","@type":"sc:Manifest","label":"Essays on the Macroeconomic Consequences of Market Frictions","metadata":[{"label":"dc.description.sponsorship","value":"This work is sponsored by the Stony Brook University Graduate School in compliance with the requirements for completion of degree."},{"label":"dc.format","value":"Monograph"},{"label":"dc.format.medium","value":"Electronic Resource"},{"label":"dc.identifier.uri","value":"http://hdl.handle.net/11401/77429"},{"label":"dc.language.iso","value":"en_US"},{"label":"dc.publisher","value":"The Graduate School, Stony Brook University: Stony Brook, NY."},{"label":"dcterms.abstract","value":"This thesis studies the implications of firms' and households' decisions on macro and environmental aggregates in economies with market frictions using quantitative macroeconomic methods. The thesis consists three chapters. In each chapter, I study respectively the effects of product market frictions on firms' emission decisions, the effects of financial frictions on firms' hiring decisions, and those on households' consumption-saving choices. In Chapter 2, I study the effects of product market frictions on firm size distribution and its subsequent impact on aggregate output and industrial pollution in China. Using a unique micro-level manufacturing census, I find that larger firms generate and emit less pollutants per unit of production. Furthermore, I provide evidence suggesting the existence of size-dependent product market frictions that disproportionately affect more productive firms. Using a model with firms heterogeneous in productivity and an endogenous choice of pollution treatment technology, I show that these frictions limit the expansion of productive firms, allowing small unproductive firms to continue operating. This results in lower aggregate output and higher industrial pollution. In Chapter 3, I study the effects of financial frictions on firms' hiring decisions and their implications on the job finding rates of service and manufacturing occupations. Using CPS data, I document three novel facts. First, the job finding rates of the service occupations in the long-run are higher than those of the manufacturing occupations. Second, in recessions driven by productivity shocks, the job finding rates of both occupations decline in parallel. Third, in recessions originated from financial sectors, the job finding rates of the service occupations decrease more than those of the manufacturing occupations. I use a search and matching model featuring training costs and credit market frictions to account for these observations simultaneously. In Chapter 4, I study the role of financial frictions---down payment requirement associated with housing investment---in resolving the household life-cycle portfolio choice puzzle. I show that by introducing housing investment with down payment requirement and permanent income shocks, the standard model implies a life-cycle profile of the share of risky assets that is comparable with the data. Chapter 2 is a joint work with Ji Qi and Xican Xi. Xican Xi initially proposed the project, and we discussed continuously about the direction to explore. Ji Qi provided the data. The execution of the project, including data cleaning, computation of results, and final writing of the paper, is due to me."},{"label":"dcterms.available","value":"2017-09-20T16:52:41Z"},{"label":"dcterms.contributor","value":"Anagnostopoulos, Alexis"},{"label":"dcterms.creator","value":"Tang, Xin"},{"label":"dcterms.dateAccepted","value":"2017-09-20T16:52:41Z"},{"label":"dcterms.dateSubmitted","value":"2017-09-20T16:52:41Z"},{"label":"dcterms.description","value":"Department of Economics."},{"label":"dcterms.extent","value":"124 pg."},{"label":"dcterms.format","value":"Monograph"},{"label":"dcterms.identifier","value":"http://hdl.handle.net/11401/77429"},{"label":"dcterms.issued","value":"2015-12-01"},{"label":"dcterms.language","value":"en_US"},{"label":"dcterms.provenance","value":"Made available in DSpace on 2017-09-20T16:52:41Z (GMT). No. of bitstreams: 1\nTang_grad.sunysb_0771E_12296.pdf: 2004384 bytes, checksum: 2556b07e3e22b6701cc91b3e51d0f08a (MD5)\n  Previous issue date:    1"},{"label":"dcterms.publisher","value":"The Graduate School, Stony Brook University: Stony Brook, NY."},{"label":"dcterms.subject","value":"Economic Development, Household Portfolio Choice, Labor Market Dynamics, Market Frictions"},{"label":"dcterms.title","value":"Essays on the Macroeconomic Consequences of Market Frictions"},{"label":"dcterms.type","value":"Dissertation"},{"label":"dc.type","value":"Dissertation"}],"description":"This manifest was generated dynamically","viewingDirection":"left-to-right","sequences":[{"@type":"sc:Sequence","canvases":[{"@id":"https://repo.library.stonybrook.edu/cantaloupe/iiif/2/canvas/page-1.json","@type":"sc:Canvas","label":"Page 1","height":1650,"width":1275,"images":[{"@type":"oa:Annotation","motivation":"sc:painting","resource":{"@id":"https://repo.library.stonybrook.edu/cantaloupe/iiif/2/64%2F69%2F04%2F64690463583484519549171338957921410214/full/full/0/default.jpg","@type":"dctypes:Image","format":"image/jpeg","height":1650,"width":1275,"service":{"@context":"http://iiif.io/api/image/2/context.json","@id":"https://repo.library.stonybrook.edu/cantaloupe/iiif/2/64%2F69%2F04%2F64690463583484519549171338957921410214","profile":"http://iiif.io/api/image/2/level2.json"}},"on":"https://repo.library.stonybrook.edu/cantaloupe/iiif/2/canvas/page-1.json"}]}]}]}