Autori
Schivardi, F.
Guiso, L.

Titolo
Information spillovers and factor adjustment.
Periodico
Banca d'Italia. Temi di discussione
Anno: 2000 - Volume: 2 - Fascicolo: 368 - Pagina iniziale: 1

Weinvestigatetheroleofinformationspillovers(IS)indetermining¿rms’labor djustments.Wetestthepropositionthatinformationonrelevantstatevariablesspillsover throughone¿rm’sdecisiontothoseofother¿rms,assumingthatspilloversmatteronlyamong ¿rmsthatarebothsimilarandgeographicallyclose.Fromalargepanelofmanufacturing rms,weselectthosethatarelocatedinagivenindustrialdistrictandproducethesame goods.Weproposeasolutiontotheidenti¿cationproblemtypicaloftheempiricalanalysisof socialeffects.Ourresultsshowthat¿rms’decisionsareindeedaffectedbythoseofsimilar, neighboring¿rms,whiletheactionsof¿rmsnotsatisfyingeitherofthecriteriahavenoimpact. Wetestotherimplicationsofthetheoryand¿ndfurthersupportingevidenceoftherelevanceof IS.First,measuresofextremeadjustmentsexertastrongerinÀuencethanmeanadjustments° second,smaller¿rmsseemtorelymoreonexternalsourcesofinformation°third,theeffects dependonsuchcharacteristicsofthereferencegroupasitssizeandthepresenceoflarge¿rms. Finally,giventhat¿rmsexposedtoIStendtoadjustsimultaneously,we¿ndthatspillovers amplifytheeffectofaggregateshocksandconstituteapowerfulmechanismofampli¿cation ofthebusinesscycle.



Testo completo: http://www.bancaditalia.it/pubblicazioni/temidi/td368/tema_368it.pdf

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