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DTSTART:20241027T030000
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UID:calendar.135281.field_date.0@www.tse-fr.eu
DTSTAMP:20260711T052944Z
CREATED:20240710T101001Z
DESCRIPTION:Martin Aragoneses (INSEAD)\, “The Life Cycle Origins of the Inv
 estment Puzzle”\, Macroeconomics Seminar\, TSE\, November 12\, 2024\, 14:0
 0–15:30\, room Auditorium 4.\n\nWeak US investment after the 1980s is puzz
 ling because rising profitability\nand falling interest rates should have 
 stimulated investment. I find the decline\nin the startup rate of new busi
 nesses is behind this missing investment puzzle.\nConfidential US Census m
 icro data shows a striking divergence between micro\nand macro trends. Inv
 estment increased for the average firm despite a decline\nin aggregate inv
 estment\, but changes in the firm age distribution masked this\ninvestment
  boom from aggregate data. Fewer startups being born aged firms\nand depre
 ssed aggregate investment because older firms\, despite likely being\nmore
  profitable\, invest less intensely. In a calibrated firm dynamics model\,
  firm\naging due to falling startup rates explains 80% of the investment t
 rend decline\nfrom 11.5% to 9% of GDP between 1980 and 2010. Given histori
 cal changes in\nstartup rates\, the life cycle model rationalizes the boom
  and bust in aggregate\ninvestment and its puzzling relation with profits 
 and interest rates since the\n1950s. Consistent with the model\, cross-cou
 ntry data shows rising investment\nand falling profits amidst a resurgence
  in startup activity since 2010.
DTSTART;TZID=Europe/Paris:20241112T140000
DTEND;TZID=Europe/Paris:20241112T153000
LAST-MODIFIED:20260113T095129Z
LOCATION:TSE\, November 12\, 2024\, 14:00–15:30\, room Auditorium 4
SUMMARY:Macroeconomics Seminar
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2024-life-cycle-origins-investm
 ent-puzzle
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