Andrea Caggese

Department of Economics and Business at Pompeu Fabra University

Barcelona Graduate School of Economics



I will teach a course on "Finance, Firm Dynamics and the Business Cycle" at the  Barcelona CREI Macroeconomics Summer SchoolJuly 3-7, 2017 

Working papers

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

Capital Misallocation and Secular Stagnation”, January 2017, Joint with Ander Perez.

"Financing Constraints, Radical versus Incremental Innovation, and Aggregate productivity", September 2016.

Mentioned on the NEP-DGE blog

"The Interaction Between Household and Firm Dynamics and the Amplification of Financial Shocks", March 2016, Joint with Ander Perez


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)

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

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

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