Compensations as Signaling Devices in the Political Economy of Reforms (2003)
Rui Cast Ro, Maria Ripoil, Carl Heiberg, Hugo Hopenhayn, Jeffrey Campbell, ...
this paper is to propose an explanation for this paradox
A Theory of Financing Constraints and Firm Dynamics (2002)
Gian Luca Clementi, Hugo Hopenhayn, Gian Luca, Clementi Hugo, A. Hopenhayn
There is widespread evidence supporting the conjecture that borrowing constraints have important implications for firm growth and survival. In this paper we model a multi-period borrowing/lending...
Hiring and Firing Costs, Adverse Selection and Long-term Unemployment (2000)
Adriana D. Kugler, O Alvarez, Hugo Hopenhayn, Franois Langot
In this paper, we present a matching model with adverse selection that explains why #ows into and out of unemployment are much lower in Europe compared to North America, while...
Inflation and Capital Gains Taxes in a Small Open Economy (2000)
Charles Ka, Yui Leung, Guang-jia Zhang, Jeremy Greenwood, Hugo Hopenhayn
Inflation distorts an economy through many channels. This paper highlights the interaction between inflation and capital gains tax and their distortions to a small open economy through the financial...
Job Turnover and Policy Evaluation: A General Equilibrium Analysis.
Hopenhayn, Hugo, Rogerson, Richard
Recent empirical work indicates that job creation and destruction rates are large, implying significant amounts of job reallocation across firms. This paper builds a general equilibrium model of this...
Preemption Games with Private Information
Francesco Squintani, Hugo Hopenhayn
timing games, patent races, private information
Income Redistribution and Disability Insurance
Juan Carlos Hatchondo, Hugo Hopenhayn
Social insurance
Rewarding Sequential Innovators: Prizes, Patents, and Buyouts
Hugo Hopenhayn, Gerard Llobet, Matthew Mitchell
This paper presents a model of cumulative innovation in which firms are heterogeneous in their research ability. We study the optimal reward policy when the quality of the ideas and their subsequent...
Latin America in the Twentieth Century: Stagnation, then Collapse
Most Latin American countries experienced their last peak in output per capita relative to the United States’ between 1971 and 1982. Prior to this peak per capita output was rapidly catching...
Duration and Risk of Unemployment in Argentina
Sebastián Galiani, Hugo Hopenhayn
After a decade of structural reforms, unemployment rates have tripled in Argentina. This paper is concerned with the measurement of unemployment risk and its distribution. We show the importance of...
Optimal Lending Contracts and Firm Dynamics
Rui Albuquerque, Hugo Hopenhayn
We develop a general model of lending in the presence of endogenous borrowing constraints. Borrowing constraints arise because borrowers face limited liability and debt repayment cannot be perfectly...
A Theory of Financing Constraints and Firm Dynamics
Gian Luca Clementi, Hugo Hopenhayn
There is widespread evidence supporting the conjecture that borrowing constraints have important implications for firm growth and survival. In this paper we model a multi-period borrowing/lending...
Rewarding sequential innovators: prizes, patents and buyouts
Gerard Llobet, Hugo Hopenhayn, Matthew F. Mitchell
This paper presents a model of cumulative innovation where firms are heterogeneous in their research ability. We study the optimal reward policy when the quality of the ideas and their subsequent...
Jeffrey R. Campbell, Hugo Hopenhayn
This paper empirically examines the effects of market size on producers' sizes in retail trade industries with many producers. A robust prediction of oligopoly theory is that larger markets are more...
Hugo Hopenhayn, Arantxa Jarque
We study a multiperiod principal-agent problem with moral hazard in which the agent is required to exert effort only in the initial period of the contract. The effort choice of the agent in this...
A Theory of Financing Constraints and Firm Dynamics
Gian Luca Clementi, Hugo Hopenhayn
There is widespread evidence supporting the conjecture that borrowing constraints have important implications for firm growth and survival. In this paper we model a multi-period borrowing/lending...
Argentine Great Depression: 1975-1990
Pablo Andres Neumeyer, Hugo Hopenhayn
In the period 1974-1990 Argentina’s income per capita fell by 25%. A Solow growth decomposition shows that at most one quarter of this fall can be explained by a reduction in the capital/labor...
Latin America in the Twentieth Century: stagnation, then Collapse
Pablo Andres Neumeyer, Hugo Hopenhayn
Most Latin American countries experienced their last peak in output per capita relative to the United States’ between 1971 and 1982. Prior to this peak per capita output was rapidly catching up to...
Fire-Alarm Signals and the Political Oversight of Regulatory Agencies.
Hopenhayn, Hugo, Lohmann, Susanne
In political settings, delegation is often motivated by differences in expertise of costs of information gathering. Even if a political principal is less well informed than a regulatory agency, she...
Entry restrictions and the determination of quality
Walter Garcia-Fontes, Hugo Hopenhayn
Entry restrictions are a common form of regulation in markets and occupations, either as a means of limiting the size of a market or affecting the quality of products or services provided by it. This...
Job Dynamics, Correlated Shocks and Wage Profiles
Antonio Cabrales, Hugo Hopenhayn
We generalize the Mortensen-Pissarides (1994) model of the labor market with a more realistic structure for the stochastic process of the shocks to the worker-firm match. In this way we can...
Vintage Human Capital, Growth, and the Diffusion of New Technology.
The authors develop a model of vintage human capital in which each technology requires vintage-specific skills. They examine the properties of a stationary equilibrium for their economy. The...