Three Essays in Volatility Change and Private and Government Investment

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dc.contributor.advisorHaltiwanger, John Cen_US
dc.contributor.authorKim, Namsuken_US
dc.contributor.departmentEconomicsen_US
dc.contributor.publisherDigital Repository at the University of Marylanden_US
dc.contributor.publisherUniversity of Maryland (College Park, Md.)en_US
dc.date.accessioned2005-10-11T10:14:00Z
dc.date.available2005-10-11T10:14:00Z
dc.date.issued2005-07-28en_US
dc.description.abstractStudies of the volatility of the U.S. economy suggest a noticeable change in mid 1980s. There is some empirical evidence that the aggregate volatility of the U.S. economy has been decreasing over time. The response of firms to the change of economic volatility and economic fluctuation has been studied in terms of many margins a firm can adjust -capital, labor, capacity, material, etc. However, we have not studied the most important margin - the product. My dissertation studies the effect of profit volatility on the firm/plant level product diversification. Chapter 2 profiles diversification and shows that there is a downward trend of aggregate diversification in many industries. Cyclicality of diversification is not clear at the aggregate or industry level. Firms change their diversification very frequently and very differently from one another. Chapter 3 verifies the trend of volatility at the aggregate, sectoral, and firm level and studies the relationship between diversification and volatility at the firm level. Firm level diversification decreases as the aggregate, sectoral and idiosyncratic volatility decreases. Research on the volatility change is concentrated on recent U.S. history. However, new data allow us to study events of significant volatility change in early 19th century. Chapter 4 of my dissertation studies the causes and effects of the volatility change in early 19th century in U.S. and U.K.en_US
dc.format.extent687114 bytes
dc.format.mimetypeapplication/pdf
dc.identifier.urihttp://hdl.handle.net/1903/2898
dc.language.isoen_US
dc.subject.pqcontrolledEconomics, Generalen_US
dc.subject.pqcontrolledEconomics, Historyen_US
dc.subject.pquncontrolledDiversificationen_US
dc.subject.pquncontrolledVolatilityen_US
dc.subject.pquncontrolledGovernment Investmenten_US
dc.subject.pquncontrolledFinancial Market Integrationen_US
dc.titleThree Essays in Volatility Change and Private and Government Investmenten_US
dc.typeDissertationen_US

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