L'objectif de cette thèse est d'étudier le rôle des flux d'entrée-sortie d'emploi et d'entreprises dans la dynamique du cycle conjoncturel. Plus particulièrement, ce travail s'attache à montrer les effets de ces flux de réallocation en présence de frictions sur les marchés du travail et du capital. Dans le premier chapitre, écrit en collaboration avec F. Pappadà, nous mettons en évidence un nouveau canal d'amplification associé aux contraintes de crédit. Le modèle théorique que nous proposons prédit que la récession occasionne une chute de la production agrégée plus prononcée en présence de contraintes de crédit en raison d'une plus forte hausse du taux de destruction d'entreprises. Le second chapitre s'intéresse au rôle des flux de réallocation dans la dynamique de la productivité agrégée. Contrairement aux décompositions usuelles, la méthode que nous proposons permet de mesurer la contribution des changements d'efficacité allocative. Estimée sur données françaises sur la période 1991-2006, cette décomposition indique que les récessions contribuent à améliorer la productivité agrégée à travers une amélioration de l'allocation des ressources. Le dernier chapitre, fruit d'une collaboration avec J-O Hairault et F. Langot, examine les conséquences des fluctuations économiques sur le bien-être des agents économiques. En présence de frictions d'appariement, nous montrons que les fluctuations économiques augmentent le niveau moyen du chômage. Les fluctuations sont alors coûteuses, non seulement du fait de l'aversion des ménages pour la volatilité, mais également du fait des conséquences indirectes de cette volatilité sur le niveau moyen de consommation.

THIS THESIS PRESENTS an empirical ethnographic study that has been conducted as fieldwork within army command organizations, leading to a qualitative analysis of data. The title of the thesis captures the contents of both command work and research, both domains being affected by new technologies during a period of drastic changes in the military institution. The overriding research question was why efforts to implement modern information technology are so slow, costly, and why the contribution from the output as regards higher control efficiency is so uncertain. Two cases will be described and analysed. One is a meeting and the other is the development of a computer artefact. Based on these two cases, the study suggests that social value and not only rational control efficiency defines what is applied, both in the development process and in practice. Knowledge and power, expertise and authority, represented by experts and formal leaders have to be brought together if the work is to be efficient. Both knowledge from research and information technology will be rejected, if considered irrelevant. I have called this applying a rationality of practice. From the case analysis it can be said that command work is not ordinary managerial work. Rather, it is a kind of design work, dynamic and hard to define and control. Command work is knowledge-intensive; it designs and produces symbols. Therefore it is very flexible and involves interpretation and negotiation of both its content and products. The most important symbol is the Army, which must be visible and credible, built from real components. Command work is pragmatic and opportunistic, conducted by experts in the modern military command structure who transform the operational environment, and control it through controlling actions. In that respect autonomy, a prerequisite to meet evolving events—frictions—and power become core issues, interchangeable goals and means for flexible social control, in cybernetic terms variety. Key concepts are social value, function and visibility. Actors must be visible in the command work, and make work visible. Consequently, when designing control tools, such as information systems, the design challenge is to reconcile dynamic and pragmatic demands for power, autonomy and control with demands for stability. Such an organization becomes a viable system, one that can survive, because there is no conflict between its mind and physical resources. In operational terms, this means having freedom of action. The prerequisite to achieve this is one perspective on knowledge and information and that information systems match the needs growing from within the work because work builds the organization.

[pt] Intermediação financeira se intensificou fortemente no Brasil entre 2002 e 2013. Este período também foi marcado por forte crescimento econômico com queda na desigualdade de renda. O objetivo deste trabalho é investigar o efeito do desenvolvimento financeiro observado no Brasil sobre crescimento econômico e desigualdade usando um modelo dinâmico de escolha ocupacional com fricções financeiras. No modelo, agentes com riqueza e habilidades distintas tomam decisões de trabalhar ou empreender, mas são sujeitos a restrições de crédito que distorcem a alocação de fatores. Nossos resultados indicam um aumento de 15 por cento no PIB per capita e de 2 por cento na PTF, e um leve aumento na desigualdade de renda. Há um forte efeito de equilíbrio geral sobre o salário, que aumenta em 14 por cento. / [en] Financial depth surged in Brazil during the mid-2000s, largely as a result from institutional reforms. At the same time, the country experienced strong economic growth with decreasing income inequality. The objective of this work is to gain perspective on the effects of this financial development on growth and distribution at the national level. We do this through the lens of a dynamic model with financial frictions, in which agents who differ in their wealth and abilities as workers and entrepreneurs make occupational and productive choices under credit constraints. We calibrate the model to replicate the financial deepening observed in Brazil from 2003 to 2012. Our main results indicate that GDP per capita increases by 15 percent and TFP by 2 per cent. Workers benefit indirectly as wages rise by 14 percent in equilibrium. Yet, income inequality slightly increases.

Submitted by André Diniz (andrediniz89@yahoo.com.br) on 2014-02-04T18:20:18Z No. of bitstreams: 1 dissertacaovf.pdf: 527587 bytes, checksum: 98ea804e4e4f494e3f3e89a534c12776 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2014-02-07T18:57:56Z (GMT) No. of bitstreams: 1 dissertacaovf.pdf: 527587 bytes, checksum: 98ea804e4e4f494e3f3e89a534c12776 (MD5) / Made available in DSpace on 2014-02-07T18:58:13Z (GMT). No. of bitstreams: 1 dissertacaovf.pdf: 527587 bytes, checksum: 98ea804e4e4f494e3f3e89a534c12776 (MD5) Previous issue date: 2014-01-24 / This dissertation analyses quantitatively the costs of sovereign default for the economy, in a model where banks with long positions in government debt play a central role in the financial intermediation for private sector’s investments and face financial frictions that limit their leverage ability. Calibration tries to resemble some features of the Eurozone, where discussions about bailout schemes and default risk have been central issues. Results show that the model captures one important cost of default pointed out by empirical and theoretical literature on debt crises, namely the fall in investment that follows haircut episodes, what can be explained by a worsening in banks’ balance sheet conditions that limits credit for the private sector and raises their funding costs. The cost in terms of output decrease is though not significant enough to justify the existence of debt markets and the government incentives for debt repayment. Assuming that the government is able to alleviate its constrained budget by imposing a restructuring on debt repayment profile that allows it to cut taxes, our model generates an important difference for output path comparing lump-sum taxes and distortionary. For our calibration, quantitative results show that in terms of output and utility, it is possible that the effect on the labour supply response generated by tax cuts dominates investment drop caused by credit crunch on financial markets. We however abstract from default costs associated to the breaking of existing contracts, external sanctions and risk spillovers between countries, that might also be relevant in addition to financial disruption effects. Besides, there exist considerable trade-offs for short and long run path of economic variables related to government and banks’ behaviour / Este trabalho analisa de forma quantitativa os custos para a economia de um default soberano, num modelo onde bancos comprados em d´ıvida tˆem um papel central na intermedia¸c˜ao financeira para os investimentos do setor privado e enfrentam fric¸c˜oes financeiras que limitam sua alavancagem. A calibra¸c˜ao busca refletir economias da Eurozona, onde discuss˜oes sobre risco de calote das d´ıvidas e programas de resgate aos governos tem sido temas centrais. Os resultados mostram que o modelo captura um importante custo apontado pela literatura emp´ırica e te´orica, qual seja, a contra¸c˜ao do investimento que segue um epis´odio de default, o que pode ser explicado pela piora no balan¸co do setor financeiro, limitando cr´edito e liquidez para o setor privado e aumentando os custos para o seu financiamento. O custo em termos de perda de produto, no entanto, n˜ao ´e suficiente para explicar a existˆencia de mercados de d´ıvida e os incentivos dos governos em honrar seus compromissos. Assumindo que a reestrutura¸c˜ao do perfil de pagamentos da d´ıvida imposta num caso de default permite ao governo aliviar sua restri¸c˜ao or¸cament´aria e cortar impostos, o modelo apresenta resultados bastante distintos para impostos lump-sum e distorsivos. Para nossa calibra¸c˜ao, a resposta quantitativa de produto e utilidade mostra que ´e poss´ıvel que o efeito na oferta de trabalho gerado por cortes de impostos distorsivos domine a queda no investimento, causada pela escassez de cr´edito nos mercados privados. S˜ao abstra´ıdos, no entanto, os custos de default associados a quebras de contratos, san¸c˜oes externas e transbordamentos de risco entre pa´ıses, que podem ser bastante relevantes em adi¸c˜ao ao impacto sobre o cr´edito no sistema financeiro. Al´em disso, existem trade-offs consider´aveis na trajet´oria de curto e longo prazo das vari´aveis econˆomicas relacionados ao comportamento dos governos e dos bancos.

This paper seeks to present two Dynamic Stochastic General Equilibrium models – Curdia e Woodford (2009) e De Graeve (2007) – that allows identify mechanisms in which financial frictions can influence business cycles and domestic monetary policies. We extend the basic traditional New Keynesian model that considers the role of financial intermediation in the credit markets. Models in which a credit spreads is introduced allows for a time-varying wedge between the interest rate available to households on their savings and the interest rate at which it is possible to borrow These spreads are not constant over time, especially in periods of financial stress. Variations in the financial conditions, indicated by increases ou decreases in the size of credit spreads, implies consequences both for the equilibrium relation between the policy rate and aggregate expenditure and for the relation between real activity and inflation.

This paper seeks to present two Dynamic Stochastic General Equilibrium models – Curdia e Woodford (2009) e De Graeve (2007) – that allows identify mechanisms in which financial frictions can influence business cycles and domestic monetary policies. We extend the basic traditional New Keynesian model that considers the role of financial intermediation in the credit markets. Models in which a credit spreads is introduced allows for a time-varying wedge between the interest rate available to households on their savings and the interest rate at which it is possible to borrow These spreads are not constant over time, especially in periods of financial stress. Variations in the financial conditions, indicated by increases ou decreases in the size of credit spreads, implies consequences both for the equilibrium relation between the policy rate and aggregate expenditure and for the relation between real activity and inflation.

This paper seeks to present two Dynamic Stochastic General Equilibrium models – Curdia e Woodford (2009) e De Graeve (2007) – that allows identify mechanisms in which financial frictions can influence business cycles and domestic monetary policies. We extend the basic traditional New Keynesian model that considers the role of financial intermediation in the credit markets. Models in which a credit spreads is introduced allows for a time-varying wedge between the interest rate available to households on their savings and the interest rate at which it is possible to borrow These spreads are not constant over time, especially in periods of financial stress. Variations in the financial conditions, indicated by increases ou decreases in the size of credit spreads, implies consequences both for the equilibrium relation between the policy rate and aggregate expenditure and for the relation between real activity and inflation.

Ubiquitous access to the Internet and supporting technologies gave birth to online labor markets (Malone and Laubacher 1998). Online labor markets enable employers (employers) to contract with professionals (service providers) from anywhere in the world. Firms now are able to greatly expand their workforce and bring a large arsenal of labor to bear on IT jobs, such as software or web development using Internet-enabled procurement platforms such as Freelancer. These markets serve as intermediaries for IT services (outsourcers post Call for Bids (CFBs) for services and providers offer bids for IT services) that help match employers with service providers across the globe. In my dissertation, I try to comprehensively study this Internet-enabled phenomenon from the perspectives of these three entities on global online markets with three separate yet related essays. The first essay focuses on the "global" nature of the market, and assess the effect of global frictions and global labor arbitrage on both provider bidding and employer selection. The second essay focuses on the effect of auction mechanism - sealed versus open bid auction - on providers' bidding dynamics, and the market performance. The third essay focuses on estimating true consumer (employer) surplus of online labor markets with a quality-adjusted measure. I also test its robustness by comparing its effects on consumers' subsequent transactions. I also find that market immaturity, consumers' lack of experience in the market, and consumers' lack of familiarity with IT service providers lead to the difference between the traditional measure and the quality-adjusted consumer surplus. / Business Administration/Management Information Systems

Denna rapport avser det examensarbete som har utförts i samarbete med AB Volvo Penta under vårterminen 2022. Arbetet beskriver produktutvecklingsprocessen för en lamellprovrigg.Volvo Penta i Köping utvecklar och tillverkar transmissioner för marint bruk. De har problem att få noggranna mätningar av effektförluster i lamellpaketen som sitter i transmissionen. Därför önskar Volvo Penta en lamellprovrigg för att kunna mäta effektförlusterna i ett frånkopplat lamellpaket. Projektet avgränsas till att endast ta fram en layoutkonstruktion med val av huvudkomponenter och funktionsbeskrivning för lamellprovriggen.Innan produktutvecklingsprocessen påbörjades gjordes en förstudie för att granska befintliga lamellprovriggar. Förstudien konkluderas med att dagens lamellprovriggar inte kan utföra tester under de driftförhållanden som önskas i den provrigg som examensarbetet avser konstruera, därför kan endast huvudkomponenter i tidigare lamellprovriggar granskas och inte hela provriggskoncepten. Genom konceptgenerering och -utvärdering tas en layoutkonstruktion fram och huvudkomponenter specificeras. Motrotation på lamellpaket skapas med Duoprop-system. Förlustmätningar av moment samt värmeutveckling utförs. Mätning av både moment och varvtal görs med ett momentnav som är placerad vid motorn för att mäta det som förs in i systemet. Temperatur och flöde mäts på flera ställen i hydraulsystemet för att kunna variera det önskade driftförhållandet.Resultatet är underlag till en provrigg som efterliknar Volvo Pentas IPS-transmissions driftförhållanden och ger möjlighet till provning av nya material, oljor och dimensioner. Konstruktionens avsikt är att ge underlag på en layout av en lamellprovrigg som lämpar sig till Volvo Pentas fysiska och teoretiska behov. Konstruktionen är genomarbetad och bör vara en stabil byggsten för kommande arbete fram till tillverkning och montering. / This report refers to the bachelor’s thesis that has been carried out in collaboration with AB Volvo Penta during the spring term 2022. The work describes the product development process for a wet disc clutch test rig.Volvo Penta in Köping develops and manufactures transmissions for marine applications. Their problem is getting accurate measurements of power losses in the wet clutch packages contained in the transmission. Volvo Penta therefore have the desire for a wet disc clutch test rig to be able to measure the power losses in a disconnected friction disc package. The project is limited to developing only a layout design with a selection of main components and a functional description for the wet disc clutch test rig.Before the product development process began, a feasibility study was conducted to examine existing friction disc test rigs. The feasibility study concludes that today's test rigs can not perform tests under the desired operating conditions in the test rig that the degree project intends to construct, therefore only main components in previous test rigs can be examined and not the entire test rig concept. Through concept generation and evaluation, a layout construction is developed and the main components to it are specified. Counter-rotation on friction disc packages is created with a Duoprop-system. Loss measurements are performed for torque and heat generation. Measurements for both torque and rotational speed are done with a torque sensor that is located at the engine to measure what is fed into the system. Temperature and flow are measured in several places throughout the hydraulic system in order to be able to vary the desired operating conditions.The result is the basis for a wet disc clutch test rig that mimics Volvo Penta's IPS transmission’s operating conditions and provides an opportunity to test new materials, oils and dimensions. The purpose of the design is to provide a basis for a layout of a wet disc clutch test rig that suits Volvo Penta's physical and theoretical needs. The construction has been thoroughly evaluated and should be a stable building block for future work until manufacturing and assembly.

The objective of this thesis is to examine real exchange rate volatility, with a particular focus on investigating the causes of exchange rate jumps. While the predominant approach in the literature is to examine the interaction between nominal rigidities and nominal shocks, this thesis examines the volatility that arises from real rigidities and shocks. Trying to better understand the transmission of real shocks to the exchange rate is a worthwhile task, given the substantial evidence that these shocks and rigidities are important for explaining other economic fluctuations. This thesis develops theoretical models that examine the contributions of specific real rigidities to exchange rate volatility. Chapter 1 introduces our baseline specification - a frictionless model, with the exception of capital adjustment costs. This baseline generates very mild exchange rate fluctuations. Additional rigidities are required to generate volatility of the magnitude that is typically observed. Chapter 2 finds that introducing imperfect asset substitutability - specifically, home asset bias - goes a little towards achieving this. When investors are biased, the exchange rate must adjust by more to equilibrate asset markets. This greater burden of adjustment on the exchange rate along the short run path typically translates to larger jumps after shocks. Similarly, Chapter 3 shows that augmenting the baseline with banks and financial frictions raises exchange rate volatility. The key point is that, in the presence of financial frictions, there is a risk premium that widens after negative shocks, increasing the required adjustment of the exchange rate. A fourth chapter extends Chapter 3 and shows that unconventional credit policy, while beneficial in some respects, nonetheless entails nontrivial costs because it invites moral hazard by encouraging banks to be more highly leveraged, which increases exchange rate and consumption volatility. So, the overall message is that, in the presence of plausible real frictions - including (i) capital adjustment costs, (ii) imperfect asset substitutability, and (iii) financial frictions - real shocks can generate a plausibly significant degree of real exchange rate volatility. This thus posits an additional explanation of exchange rate jumps that complements the predominantly monetary literature.