Seminario CEDE - Umberto Muratori

This paper investigates the differences in markups between and within cohorts of US firms. I document substantial between-cohort differences and a relatively flat profile over time within cohorts. The paper uses administrative patent data to provide suggestive evidence that knowledge creation and diffusion explain these patterns. Namely, the between-cohorts pattern is associated with improvements in the innovation quality, and the within-cohort pattern is the result between the interaction of innovation and knowledge diffusion.

Seminario CEDE - Leonardo Elias

What are the real costs of reversals in international capital flows? In this paper, I exploit plausibly exogenous variation in firms' exposure to rollover risk to identify a causal liquidity channel at play during sudden stop episodes. Using a panel of firms across 39 countries, I show that firms with higher exposure (as measured by the share of long-term debt maturing over the next year) reduce investment ten percentage points more than non-exposed firms following sudden stops in capital flows.