WorldCat Identities

Campbell, Jeffrey R.

Works: 45 works in 239 publications in 1 language and 1,294 library holdings
Roles: Author
Classifications: HB1, 330
Publication Timeline
Most widely held works by Jeffrey R Campbell
Aggregate employment fluctuations with microeconomic asymmetries by Jeffrey R Campbell( Book )

22 editions published between 1996 and 1997 in English and held by 133 WorldCat member libraries worldwide

We provide a simple explanation for the observation that the variance of job destruction is greater than the variance of job creation: job creation is costlier at the margin than job destruction. As Caballero [2] has argued, asymmetric employment adjustment costs at the establishment level need not imply asymmetric volatility of aggregate job flows. We construct an equilibrium model in which (S, s)-type employment policies respond endogenously to aggregate shocks. The microeconomic asymmetries in the model can dampen the response of total job creation to an aggregate shock and cause it to be less volatile than total job destruction. This is so even though aggregate shocks are symmetrically distributed
Organizational flexibility and employment dynamics at young and old plants by Jeffrey R Campbell( Book )

15 editions published in 1998 in English and held by 126 WorldCat member libraries worldwide

There are significant differences in the dynamics of employment over the business cycle between young and old manufacturing plants. Young plants are more sensitive to aggregate disturbances, and they respond to them along different margins. We interpret these differences as reflecting greater organizational flexibility at young plants due to the changing nature of a plant's environment as it ages. In the presence of aggregate uncertainty, differences between young and old plants' organizational flexibility allows the model to reproduce their distinct cyclical characteristics. Previous empirical studies show that small firms generally respond by more to aggregate shocks than do large firms. To the extent that small firms tend to operate young plants, our analysis suggests an alternative to conventional explanations of this evidence which appeal to imperfections in credit markets
Idiosyncratic risk and aggregate employment dynamics by Jeffrey R Campbell( Book )

18 editions published in 2000 in English and held by 111 WorldCat member libraries worldwide

This paper studies how producers' idiosyncratic risks affect an industry's aggregate dynamics in an environment where certainty equivalence fails. In the model, producers can place workers in two types of jobs, organized and temporary. Workers are less productive in temporary jobs, but creating an organized job requires an irreversible investment of managerial resources. Increasing productivity risk raises the value of an unexercised option to create an organized job. Losing this option is one cost of immediate organized job creation, so an increase in its value induces substitution towards cheaper temporary jobs. Because they are costless to create and destroy, a producer using temporary jobs can be more flexible, responding more to both idiosyncratic and aggregate shocks. If all of an industry's producers adapt to heightened idiosyncratic risk in this way, the industry as a whole can respond more to a given aggregate shock. This insight is used to better understand the observation from the U.S. manufacturing sector that groups of plants displaying high idiosyncratic variability also have large aggregate fluctuations
Real exchange rate fluctuations and the dynamics of retail trade industries on the U.S.-Canada border by Jeffrey R Campbell( Book )

16 editions published between 2001 and 2002 in English and held by 109 WorldCat member libraries worldwide

Consumers living near the U.S.-Canada border can shift their expenditures between the two countries, so real exchange rate fluctuations can act as demand shocks to border areas' retail trade industries. Using annual county-level data, we estimate the effects of real exchange rates on the number of establishments and their average payroll in border counties for four retail industries. In three of the four industries we consider, the number of operating establishments responds either contemporaneously or with a lag of one year to real exchange rate movements. For these industries, the response of retailers' average size is less pronounced. The rapid response of net entry is inconsistent with any model of persistent deviations from purchasing power parity that depends on retailers' costs of changing nominal prices
Market size matters by Jeffrey R Campbell( Book )

14 editions published between 2002 and 2003 in English and held by 102 WorldCat member libraries worldwide

Also available on Internet
A structural empirical model of firm growth, learning, and survival by Jaap H Abbring( Book )

18 editions published between 2001 and 2003 in English and held by 101 WorldCat member libraries worldwide

We present a structural model of firm growth, learning, and survival and consider its identification and estimation. In the model, entrepreneurs have private and possibly error-ridden observations of persistent and transitory shocks to profit. We demonstrate that the model's parameters can be recovered from public observations of sales and survival, and we estimate them using monthly data from new bars in Texas. We find that entrepreneurs observe profit's persistent component without error. In this sense, their information is substantially superior to the public's
Entry, exit, embodied technology, and business cycles by Jeffrey R Campbell( Book )

13 editions published in 1997 in English and held by 100 WorldCat member libraries worldwide

This paper studies the entry and exit of U.S. manufacturing plants over the business cycle and compares the results with those from a vintage capital model augmented to reproduce observed features of the plant life cycle. Looking at the entry and exit of plants provides new evidence supporting the hypothesis that shocks to embodied technological change are a significant source of economic fluctuations. In the U.S. economy, the entry rate covaries positively with output and total factor productivity growth, and the exit rate leads all three of these. A vintage capital model in which all technological progress is embodied in new plants reproduces these patterns. In the model economy, a persistent improvement to embodied technology induces obsolete plants to cease production, causing exit to rise. Later, as entering plants embodying the new technology become operational, both output and productivity increase
The dynamics of work and debt by Jeffrey R Campbell( Book )

15 editions published between 2003 and 2004 in English and held by 100 WorldCat member libraries worldwide

This paper characterizes the labor supply and borrowing of a household facing collateral requirements that limit its debt and compel it to accumulate equity in its durable goods stock. The household's discount rate exceeds the market rate of interest, so it would otherwise finance increased current consumption by borrowing against future wages. Collateral constraints generate a positive comovement between the household's debt, the stock of durable goods and labor supply following wage or interest rate shocks---as the household's labor supply adjusts to finance downpayments on new durable good purchases and the subsequent debt repayment. Increasing the speed of debt repayment amplifies these movements
Competition in large markets by Jeffrey R Campbell( )

13 editions published between 2005 and 2006 in English and held by 89 WorldCat member libraries worldwide

This paper develops a simple and robust implication of free entry followed by competition without substantial strategic interactions: Increasing the number of consumers leaves the distributions of producers' prices and other choices unchanged. In many models featuring non-trivial strategic considerations, producers' prices fall as their numbers increase. Hence, examining the relationship between market size and producers' actions provides a nonparametric tool for empirically discriminating between these distinct approaches to competition. To illustrate its application, I examine observations of restaurants' seating capacities, exit decisions, and prices from 224 U.S. cities. Given factor prices and demographic variables, increasing a city's size increases restaurants' capacities, decreases their exit rate, and decreases their prices. These results suggest that strategic considerations lie at the heart of restaurant pricing and turnover
The role of collateralized household debt in macroeconomic stabilization by Jeffrey R Campbell( )

13 editions published between 2004 and 2005 in English and held by 88 WorldCat member libraries worldwide

Market innovations following the financial reforms of the early 1980s relaxed collateral constraints on household borrowing. The present paper examines the contribution of this development to the macroeconomic stabilization that occurred shortly thereafter. The model combines collateral constraints on households with heterogeneity of thrift in a calibrated general equilibrium setup. We use this tool to characterize the business cycle implications of lowering required down payments and rates of amortization for durable goods purchases as in the early 1980s. The model predicts that this relaxation of collateral constraints can explain a large fraction of the actual volatility decline in hours worked, output, household debt, and household durable goods purchases
Last-in first-out oligopoly dynamics by Jaap H Abbring( )

13 editions published between 2006 and 2009 in English and held by 74 WorldCat member libraries worldwide

This paper extends the static analysis of oligopoly structure into an infinite-horizon setting with sunk costs and demand uncertainty. The observation that exit rates decline with firm age motivates the assumption of last-in first-out dynamics: An entrant expects to produce no longer than any incumbent. This selects an essentially unique Markov-perfect equilibrium. With mild restrictions on the demand shocks, sequences of thresholds describe firms' equilibrium entry and survival decisions. Bresnahan and Reiss's (1993) empirical analysis of oligopolists' entry and exit assumes that such thresholds govern the evolution of the number of competitors. Our analysis provides an infinite-horizon game-theoretic foundation for that structure
The economics of "radiator springs" industry dynamics, sunk costs, and spatial demand shifts by Jeffrey R Campbell( )

5 editions published between 2010 and 2016 in English and held by 31 WorldCat member libraries worldwide

Interstate Highway openings were permanent, anticipated demand shocks that increased gasoline demand and sometimes shifted it spatially. We investigate supply responses to these demand shocks, using county-level observations of service station counts and employment and data on highway openings' timing and locations. When the new highway was close to the old route, average producer size increased, beginning one year before it opened. If instead the interstate substantially displaced traffic, the number of producers increased, beginning only after it opened. These dynamics are consistent with Hotelling-style oligopolistic competition with free entry and sunk costs and inconsistent with textbook perfect competition
Macroeconomic effects of employment reallocation by Jeffrey R Campbell( Book )

5 editions published in 1996 in English and held by 19 WorldCat member libraries worldwide

Technical change, diffusion, and productivity by Jeffrey R Campbell( Book )

2 editions published in 1993 in English and held by 17 WorldCat member libraries worldwide

Welfare implications of the transition to high household debt by Jeffrey R Campbell( Book )

3 editions published between 2006 and 2007 in English and held by 11 WorldCat member libraries worldwide

"Aggressive deregulation of the mortgage market in the early 1980s triggered innovations that greatly reduced the required home equity of U.S. households. This allowed households to cash-out a large part of accumulated equity, which equaled 71 percent of GDP in 1982. A borrowing surge followed: Household debt increased from 43 to 62 percent of GDP in the 1982- 2000 period. What are the welfare implications of such a reform for borrowers and savers? This paper uses a calibrated general equilibrium model of lending from the wealthy to the middle class to evaluate these effects quantitatively"--Federal Reserve Bank of Chicago web site
A conversation with 590 nascent entrepreneurs by Jeffrey R Campbell( Book )

2 editions published in 2007 in English and held by 7 WorldCat member libraries worldwide

"This paper summarizes interviews from 1998 with 590 individuals trying to create a business centered around five questions ..."--Abstract
A firm's first year by Jaap H Abbring( Book )

4 editions published between 2004 and 2005 in English and held by 7 WorldCat member libraries worldwide

This paper determines the structural shocks that shape a firm's first year by estimating a structural model of firm growth, learning, and survival using monthly sales histories from 305 Texas bars. We find that heterogeneity in firms' pre-entry scale decisions accounts for about 40% of their sales' variance; persistent post-entry shocks account for most of the remainder. We find no evidence of entrepreneurial learning. Variation of the firms' fixed costs consistent with an annual lease cycle explains their exit rates. We use the estimated model to price a new bar's option to exit, which accounts for 124% of its value
The financial labor supply accelerator by Jeffrey R Campbell( )

5 editions published between 2009 and 2011 in English and held by 7 WorldCat member libraries worldwide

The financial labor supply accelerator links hours worked to minimum down payments for durable good purchases. When these constrain a household's debt, a persistent wage increase generates a liquidity shortage. This limits the income effect, so hours worked grow. The mechanism generates a positive comovement of labor supply and household debt, the strength of which depends positively on the minimum downpayment rate. Its potential macroeconomic importance comes from these labor supply fluctuations' procyclicality. This paper examines the comovement of hours worked and debt at the household level with PSID data - before and after the financial deregulation of the early 1980s which reduced effective down payments - and compares the evidence with results from model-generated data. The household-level data displays positive comovement between hours worked and debt, which weakens after the financial reforms. An empirically realistic reduction of the model's required down payments generates a quantitatively similar weakening. -- Constraints ; Durable Goods ; Wage Shocks ; Hours Worked
Rigid prices : evidence from U.S. scanner data by Jeffrey R Campbell( )

3 editions published in 2005 in English and held by 6 WorldCat member libraries worldwide

"This paper uses over two years of weekly scanner data from two small US cities to characterize time and state dependence of grocers' pricing decisions. In these data, the probability of a nominal adjustment declines with the time since the last price change. This reflects differences over time in the flexibility of prices charged by a single store for a given good. We also detect state dependence: The probability of a nominal adjustment is highest when a store's price substantially differs from the average of other stores. However, extreme prices typically reflect the selling store's recent nominal adjustments rather than changes in other stores' prices"--Federal Reserve Bank of Chicago web site
Duopoly dynamics with a barrier to entry by Jaap H Abbring( Book )

4 editions published between 2006 and 2007 in English and held by 6 WorldCat member libraries worldwide

"This paper considers the effects of raising the cost of entry for potential competitors on infinite-horizon Markov- perfect industry dynamics with ongoing demand uncertainty. All entrants serving the model industry incur sunk costs, and exit avoids future fixed costs. We focus on the unique equilibrium with last- in first-out expectations: a firm never exits before a younger rival does. When an industry can support at most two firms, we prove that raising barriers to a second producer's entry increases the probability that some firm will serve the industry and decreases its long-run entry and exit rates. In numerical examples with more than two firms, imposing a barrier to entry stabilizes industry structure"--Federal Reserve Bank of Chicago web site
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English (203)