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dc.contributor.advisorBarnett, William A
dc.contributor.authorZhang, Zhiyue
dc.date.accessioned2023-07-04T18:18:16Z
dc.date.available2023-07-04T18:18:16Z
dc.date.issued2020-05-31
dc.date.submitted2020
dc.identifier.otherhttp://dissertations.umi.com/ku:17244
dc.identifier.urihttps://hdl.handle.net/1808/34530
dc.description.abstractThis thesis studied heterogeneity in firms' use of monetary assets and how it led to differential reactions to monetary shocks. I reviewed studies on the dynamics in industry-level and firm-level output, sales, employment, and investment in response to monetary policy shocks and during business cycle phases, summarized the implication to monetary transmission mechanism, to patterns in industrial and firm themselves' behaviors, and to welfare redistribution, and suggested new classification system of firms for better aggregation. I proposed a general framework of incorporating dynamics into modelling non-financial firms' multi-period production using flexible functional forms, a model family which was originally devised static and often undermined by dynamic misspecification issue in application. Then I applied the framework to the U.S. production data to model industry-level cost functions, and analyzed implication of dynamics in output, investment, and labor demand upon shocks from monetary asset prices, capital price, wage and so on. I identified a monetary transmission channel by examining the asset side of producer's balance sheet, different from any known channels which mainly affect real economic activities through financing and the liability side of producers' balance sheet. I call this mechanism the currency channel. In addition, I proposed the invariance of intermediate input price elasticity of output in production planning period horizon. Last, the application itself adds more empirical tests to assessing the competence of some flexible functional forms in modeling cost functions.
dc.format.extent189 pages
dc.language.isoen
dc.publisherUniversity of Kansas
dc.rightsCopyright held by the author.
dc.subjectEconomics
dc.subjectStatistics
dc.subjectFinance
dc.subjectCorporate Finance
dc.subjectCurrency Channel
dc.subjectFlexible Functional Form
dc.subjectMonetary Policy
dc.subjectMonetary Transmission Mechanism
dc.subjectSurvey
dc.titleIndustrial Heterogeneity in Response to Factor Price Shocks: A Dynamic Framework of Production with Money Input
dc.typeDissertation
dc.contributor.cmtememberKeating, John
dc.contributor.cmtememberSlusky, David
dc.contributor.cmtememberTsvetanov, Tsvetan
dc.contributor.cmtememberSherwood, Ben
dc.thesis.degreeDisciplineEconomics
dc.thesis.degreeLevelPh.D.
dc.identifier.orcidhttps://orcid.org/0000-0001-8085-3182en_US
dc.rights.accessrightsopenAccess


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