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"Miranda, Javier"
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The great pasta escape
Various types of pasta have followed the rules since they were made but when the learn they're meant to be eaten, they plot how to escape the factory.
Book
The Role of Entrepreneurship in US Job Creation and Economic Dynamism
An optimal pace of business dynamics—encompassing the processes of entry, exit, expansion, and contraction—would balance the benefits of productivity and economic growth against the costs to firms and workers associated with reallocation of productive resources. It is difficult to prescribe what the optimal pace should be, but evidence accumulating from multiple datasets and methodologies suggests that the rate of business startups and the pace of employment dynamism in the US economy has fallen over recent decades and that this downward trend accelerated after 2000. A critical factor in accounting for the decline in business dynamics is a lower rate of business startups and the related decreasing role of dynamic young businesses in the economy. For example, the share of US employment accounted for by young firms has declined by almost 30 percent over the last 30 years. These trends suggest that incentives for entrepreneurs to start new firms in the United States have diminished over time. We do not identify all the factors underlying these trends in this paper but offer some clues based on the empirical patterns for specific sectors and geographic regions.
Journal Article
Academic entrepreneurship in Spanish universities: An analysis of the determinants of entrepreneurial intention
Academic entrepreneurship is the process by which an individual or group of individuals linked through their work to a university or research centre use knowledge created in their research to set up business ventures or spin-offs. With the Theory of Planned Behaviour as basis, the influence of attitudes, subjective norms, and perceived control on academics’ entrepreneurial intentions was studied. The instrument was a survey conducted of 1178 Spanish university academics in various fields of knowledge, professional categories, and levels of seniority in their institution. A structural equation model identified as the main antecedent of entrepreneurial intention the attitude towards entrepreneurship. This was in turn influenced by creativity, perceived utility, and entrepreneurial experience.
Journal Article
Taken by storm
We use Hurricane Katrina’s damage to the Mississippi coast in 2005 as a natural experiment to study business survival in the aftermath of a capital-destruction shock. We find very low survival rates for businesses that incurred physical damage, particularly for small firms and less-productive establishments. Conditional on survival, larger and more-productive businesses that rebuilt their operations hired more workers than their smaller and less-productive counterparts. Auxiliary evidence from the Survey of Business Owners suggests that the differential size effect is tied to the presence of financial constraints, pointing to a socially inefficient level of exits and to distortions of allocative efficiency in response to this negative shock. Over time, the size advantage disappeared and market mechanisms seem to prevail.
Journal Article
Changing Business Dynamism and Productivity
The pace of job reallocation has declined in the United States in recent decades. We draw insight from canonical models of business dynamics in which reallocation can decline due to (i ) lower dispersion of idiosyncratic shocks faced by businesses, or (ii ) weaker marginal responsiveness of businesses to shocks. We show that shock dispersion has actually risen, while the responsiveness of business-level employment to productivity has weakened. Moreover, declining responsiveness can account for a significant fraction of the decline in the pace of job reallocation, and we find suggestive evidence this has been a drag on aggregate productivity.
Journal Article
Impacts of commodity prices and governance on the expansion of tropical agricultural frontiers
Deforestation in the tropics remains a significant global challenge linked to carbon emissions and biodiversity loss. Agriculture, forestry, wildfires, and urbanization have been repeatedly identified as main drivers of tropical deforestation. Understanding the underlying mechanisms behind these direct causes is crucial to navigate the multiple tradeoffs between competing forest uses, such as food and biomass production (SDG 2), climate action (SDG 13), and life on land (SDG 15). This paper develops and implements a global-scale empirical approach to quantify two key factors affecting land use decisions at tropical forest frontiers: agricultural commodity prices and national governance. It relies on data covering the period 2004–2015 from multiple public sources, aggregated to countries and agro-ecological zones. Our analysis confirms the persistent influence of commodity prices on agricultural land expansion, especially in forest-abundant regions. Economic and environmental governance quality co-determines processes of expansion and contraction of agricultural land in the tropics, yet at much smaller magnitudes than other drivers. We derive land supply elasticities for direct use in standard economic impact assessment models and demonstrate that our results make a difference in a Computable General Equilibrium framework.
Journal Article
Declining Business Dynamism: What We Know and the Way Forward
A growing body of evidence indicates that the U.S. economy has become less dynamic in recent years. This trend is evident in declining rates of gross job and worker flows as well as declining rates of entrepreneurship and young firm activity, and the trend is pervasive across industries, regions, and firm size classes. We describe the evidence on these changes in the U.S. economy by reviewing existing research. We then describe new empirical facts about the relationship between establishment-level productivity and employment growth, framing our results in terms of canonical models of firm dynamics and suggesting empirically testable potential explanations.
Journal Article
Private Equity, Jobs, and Productivity
Private equity critics claim that leveraged buyouts bring huge job losses and few gains in operating performance. To evaluate these claims, we construct and analyze a new dataset that covers US buyouts from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments before and after acquisition, comparing to controls defined by industry, size, age, and prior growth. Buyouts lead to modest net job losses but large increases in gross job creation and destruction. Buyouts also bring TFP gains at target firms, mainly through accelerated exit of less productive establishments and greater entry of highly productive ones.
Journal Article
Land speculation and conservation policy leakage in Brazil
The Brazilian Amazon and Cerrado biomes have been subject to strong pressure from agricultural expansion over the past two decades. A common claim is that the associated tree cover loss was partly driven by speculative land acquisition. In this paper, we analyze the effects of information on planned road infrastructure improvements and changes in conservation policy implementation on expectations of forest conversion. We use a unique land price dataset covering the period from 2001-2012. Based on land rent and hedonic valuation theory, we argue that forestland prices convey information on expected future land use. We decompose forestland prices into a conventional forestland rent and a speculative part related to forestland conversion and alternative land use rents. Using a fixed-effect panel, we then assess whether, where, and to what extent changes in conservation policy affect forestland prices over time. Our results confirm that forestland prices contain expectations about converting forestland to agricultural or pasture land. We also find indications that the Brazilian land market conveys information about potential conservation policy leakage and explore this conjecture descriptively using dynamic deforestation hotspot maps.
Journal Article
THE IMPACT OF GENDER AND AGE ON HEI TEACHERS' INTENTIONS TO USE GENERATIVE ARTIFICIAL INTELLIGENCE TOOLS
While existing research has identified key determinants of Generative Artificial Intelligence (Gen-AI) tool usage by Higher Education Institution (HEI) teachers, the moderating effects of individual characteristics such as gender and age remain underexplored. Many studies assume a homogeneous population, thereby overlooking the diverse behavioral intentions and technology perceptions among individuals, particularly in the context of higher education. This study addresses this critical gap by examining how gender and age influence the relationships between perceived utility, perceived ease of use, attitude, and subjective norms on HEI teachers' intention to adopt Gen-AI tools. By integrating these moderating factors within the frameworks of the Technology Acceptance Model (TAM) and the Theory of Planned Behaviour (TPB), this research offers a nuanced understanding of the differential impacts of gender and age on technology adoption. The findings of this study contribute significantly to the Gen-AI literature by highlighting the importance of considering individual differences in demographic characteristics when investigating technology adoption behaviors. Specifically, the study reveals that gender and age not only affect the direct determinants of Gen-AI tool usage but also moderate the strength and direction of these relationships. For instance, younger teachers may perceive Gen-AI tools as more useful and easier to use compared to their older counterparts. Practically, the study provides HEI practitioners with actionable recommendations to enhance the management and utilization of Gen-AI tools among diverse user groups. By acknowledging and addressing the unique needs and preferences of different demographic segments, HEIs can foster a more inclusive and effective adoption of Gen-AI tools. This, in turn, can lead to improved teaching and learning outcomes, as well as greater overall satisfaction with technology integration in educational settings. In conclusion, this research underscores the necessity of incorporating gender and age as critical moderating variables in studies of technology adoption. By doing so, it offers valuable insights for educators, policymakers, and researchers aiming to promote the effective and equitable use of Gen-AI tools in higher education.
Journal Article