题  目：Endogenous Markup, Credit Constraint and Aggregate Productivity

报告人：张国雄    上海交通大学安泰经济与管理学院讲师

主持人：夏�君   浙江大学经济学院

时  间：2014年11月14日   星期五   15:00-17:00

地  点：浙大玉泉校区外经贸大楼418室

                               欢迎广大师生参加！

Abstract:We construct a highly tractable model featuring multi-sector Melitz's style heterogenous firms with endogenous markups to study credit constraint's impact on both within-sector and across-sector aggregate productivity.The credit constraint is introduced as a working-capital constraint that originates from the asymmetric information between borrowing firms and the bank. With this framework, we are able to analytically show that credit constraint reduces within-sector aggregate productivity at both extensive margine and intensive margine. It also reduces across-sector aggregate productivity by distorting the allocation of labor across sectors from its first-best optimum. While the scale of credit constraint's effect on misallocation (measured by TFP loss) is controversial among existing empirical studies, our quantified model predicts this effect to be considerablely large.

                                                         CRPE秘书处
                                                         2014-11-10