Andrea Caggese

Associate Professor, Department of Economics and Business at Pompeu Fabra University

Affiliated Professor, Barcelona Graduate School of Economics

Associate Researcher, CREI

José-Luis Peydró and myself organise a workshop on "Financial Shocks, Channels and Macro Outcomesat the 2019 Barcelona GSE Summer Forum (June 19, 2019). 

I am teaching a one-week course on Finance and Firm Dynamics (July 8-12, 2019) at the CREI Macroeconomics Summer School

Working papers

"The Interaction Between Household and Firm Dynamics and the Amplification of Financial Shocks", February 2019, joint with Angelo Gutierrez and Ander Perez

"Financial Frictions, Cyclical Fluctuations and the Growth Potential of New Firms", December 2018, joint with Christoph Albert

Capital Misallocation and Secular Stagnation”, July 2018, joint with Ander Perez.


"Financing Constraints, Radical versus Incremental Innovation, and Aggregate productivity", 2018, Accepted for Publication, American Economic Journal: Macroeconomics.

Mentioned on the NEP-DGE blog

Firing the Wrong Workers: Financing Constraints and Labor Misallocation”, 2017, Joint with Vicente Cunat and Daniel Metzger. Forthcoming, Journal of Financial Economics.

Financing Constraints, Firm Dynamics, Export Decisions and Aggregate Productivity (Review of Economic DynamicsSpecial Issue on Misallocation and Productivity, edited by D. Restuccia & R. Rogerson, vol. 16(1), pages 177-193, January 2013), Joint with Vicente Cuñat

Entrepreneurial Risk, Investment and Innovation (Journal of Financial Economics n.106, November 2012, 287-307)

How important are capital markets imperfections in determining firm decisions and aggregate fluctuations? (El Opuscles del CREI, November 2012)

Financing Constraints and Fixed Term Employment Contracts  (The Economic Journal, October 2008n.118, 2013-2046), Joint with Vicente Cuñat

Testing Financing Constraints on Firm Investment Using Variable Capital (Journal of Financial Economics n.86, December 2007, 683-723)

Financing Constraints, Irreversibility and Investment Dynamics (Journal of Monetary Economics n.54, October 2007, 2102-2130)

Financial Constraints on Investments: a Three Pillar Approach (Research in Economics, 2001, vol. 55, Pages 219-54), Joint with Michele Bagella and Leonardo Becchetti

Effects of Index Option Introduction on Stock Index Volatility: a Procedure for Empirical Testing Based on SSC-GARCH models  (Applied Financial Economics, 2000, vol. 10, Pages 323-41), Joint with Leonardo Becchetti


Book Chapters, Publications in Italian, and Other Papers

Firm Financing Constraints, Labour Demand and R&D (revised September 2006)

Financial Constraints on Investments: Evidence from Direct Revelation of Italian Firms, (Joint with Michele Bagella and Leonardo Becchetti), in  (M.Baldassarri, M.Bagella and L- Paganetto, Eds.) Financial Markets, Imperfect Information and Risk Management, 2001, Palgrave

Option Trading, Speculation and Firm Specific Risk: an Empirical Testing on Industrial Firm Equities, in  (M.Bagella, Ed.) Finance, Investment and Innovation: Theory and Empirical Analyses, 1999, Ashgate

Financing Constraints, Precautionary Saving and Firm Dynamics, Financial Markets Group Working Paper no. 338, London School of Economics, 1998

La Struttura del Capitale in un’Economia con Piccole e Medie Imprese [On Capital Structure in a Small-Medium Firm Economy], (Joint with Michele Bagella and Leonardo Becchetti), Note Economiche, 1997

Finanza, Investimenti e Innovazione in Italia: il Divario tra Nord e Sud, [Finance, Investments and Innovation: the North-South Gap] (Joint with Michele Bagella and Leonardo Becchetti) Published in the Book of the University of Campobasso ‘Finance and Growth’ Conference, 1997, Il Mulino

Struttura del Capitale, Agevolazioni, e Rendimento delle Imprese Manifatturiere Italiane, [Capital Structure, Subsidies and Performance of Italian Manufacturing Firms] (Joint with Michele Bagella) Rassegna Economica, n.4, 1995

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