http://www.bis.org/cbhub/list/author/author_5323/index.rss Research hub papers by author Eugenio P. Pinto en http://www.federalreserve.gov/pubs/feds/2012/201230/201230pap.pdf Board of Governors of the Federal Reserve System FEDS series by Jeremy J. Nalewaik and Eugenio P. Pinto The Response of Capital Goods Shipments to Demand over the Business Cycle 2012-05-09T06:23:00Z Jeremy J. Nalewaik and Eugenio P. Pinto. This paper studies the behavior of producers of capital goods, examining how they set shipments in response to fluctuations in new orders. The paper establishes a stylized fact: the response of shipments to orders is more pronounced when the level of new orders is low relative to the level of shipments, usually after orders plunge in recessions. This cyclical change in firm behavior is quantitatively important, accounting for a large portion of the steep decline in equipment investment in the 2001 and 2007--9 recessions. We examine economic interpretations of this stylized fact using a model where firms smooth production with a target delivery lag for new orders. Heightened persistence in orders growth may explain part of the greater responsiveness of shipments to orders, as may increases in firms' target buffer stocks of unfilled orders relative to shipments. The Response of Capital Goods Shipments to Demand over the Business Cycle 2012-05-09T06:23:00Z Abstract http://www.federalreserve.gov/pubs/feds/2012/201230/201230abs.html Full text http://www.federalreserve.gov/pubs/feds/2012/201230/201230pap.pdf Jeremy J. Nalewaik Eugenio P. Pinto Jeremy J. Nalewaik and Eugenio P. Pinto 2012-05-08 Board of Governors of the Federal Reserve System FEDS series E22 E23 E32 http://www.federalreserve.gov/pubs/feds/2009/200902/200902pap.pdf Board of Governors of the Federal Reserve System FEDS series by Eugenio P. Pinto Firms' Relative Sensitivity to Aggregate Shocks and the Dynamics of Gross Job Flows 2009-03-17T12:41:00Z We propose a measure for the importance of aggregate shocks for fluctuations in job flows at the firm level. Using data for the Portuguese economy, we find that large and old firms exhibit higher relative sensitivity to aggregate shocks and have a disproportional influence over the dynamics of aggregate job reallocation. In the overall economy, since large and old firms reallocate jobs less procyclically than small and young firms, job reallocation is less procyclical than if firm size and age classes were equally sensitive to aggregate shocks. A similar result applies in the manufacturing and the transportation and public utilities sectors. However, in the services and retail trade sectors the reallocation patterns are more similar across firm size and age, likely reflecting the expansion of existing and the creation of new industries. We conclude that large and old firms seem relatively more important to assess the state of the business cycle. Firms' Relative Sensitivity to Aggregate Shocks and the Dynamics of Gross Job Flows 2009-03-17T12:41:00Z Abstract http://www.federalreserve.gov/pubs/feds/2009/200902/200902abs.html Full text http://www.federalreserve.gov/pubs/feds/2009/200902/200902pap.pdf Eugenio P. Pinto Eugenio P. Pinto 2009-01 Board of Governors of the Federal Reserve System FEDS series E24 E32 J23 http://www.federalreserve.gov/pubs/feds/2008/200814/200814abs.html Board of Governors of the Federal Reserve System FEDS series by Eugenio Pinto Firm Dynamics with Infrequent Adjustment and Learning 2008-04-02T13:00:00Z Firm Dynamics with Infrequent Adjustment and Learning 2008-04-02T13:00:00Z Abstract http://www.federalreserve.gov/pubs/feds/2008/200814/200814abs.html Eugenio P. Pinto Eugenio Pinto 2008-03 Board of Governors of the Federal Reserve System FEDS series