Essays on the Macroeconomics of Long-Term Relationships
This thesis consists of three chapters on theoretical macroeconomics, each one examining the consequences of long-term relationships between economic agents. In the first chapter, the relationships in question are supply-chain linkages between firms. I build a tractable model of buyer-supplier relat...
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| Format: | doctoral thesis |
| Status: | Published version |
| Publication Date: | 2024 |
| Country: | España |
| Institution: | CBUC, CESCA |
| Repository: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/691981 |
| Online Access: | http://hdl.handle.net/10803/691981 |
| Access Level: | Embargoed access |
| Keyword: | Macroeconomics Macroeconomía 33 |
| Summary: | This thesis consists of three chapters on theoretical macroeconomics, each one examining the consequences of long-term relationships between economic agents. In the first chapter, the relationships in question are supply-chain linkages between firms. I build a tractable model of buyer-supplier relationship formation, where linkages are timeconsuming to create, and possibly difficult to replace if lost. In steady state, I exhibit a novel trade-off: firms’ forward-looking considerations about supply chain fragility and growth potential may sometimes dissuade them from forming matches with the highest current profit. The second chapter expands the framework to study the macroeconomic dynamics of a large-scale supply chain disturbance. To be able to solve larger versions of the model, I develop a new simulation-based solution method. The final chapter examines the relationship between banks and their borrowers. It shows that a long-lasting period of expansionary monetary policy may amplify banks’ incentives to “evergreen” loans to unviable borrowers. |
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