题目：Production Networks, Input Trade, and Misallocation

报告人：杭静    助理教授    中山大学岭南学院

主持人：金樟峰  博士后    浙江大学经济学院

时间：2020年1月3日   星期五    12:00-13:30

地点：浙江大学玉泉校区经济学院418室  

Abstract:

This paper extends the framework of Hsieh and Klenow (2009)  to incorporate sectoral input-output linkages (IO) to gauge the cost of resource misallocation and evaluate the potential biases in the estimated costs of misallocation arising from the use of the value-added model, which abstracts away from IO linkages. We explore two sources of potential biases: (1) the misspecification of the value-added model and (2) incorrect inference of firm’s idiosyncratic productivity and factor market distortions using value-added data. We find that in the absence of distortions in intermediate inputs, the value-added model is correctly specified and valueadded data can be used to correctly infer firm’s idiosyncratic productivity and distortions. When there are distortions in intermediate inputs, the value-added model is misspecified, and inferred firm productivity and distortions will be biased. Using Chinese and Indian manufacturing enterprise data, we find that however the biases in the estimated aggregate efficiency loss in both countries is small, as in the data the dispersion of inferred distortions in intermediate input markets is significantly smaller than those in primary input markets. That said, existing literature using the value-added framework may still have overstated the cost of misallocation due to the use of an incorrectly calibrated elasticity of substitution between firms’ products.

Introduction:

杭静，中山大学岭南学院助理教授，于UCLA获得经济学博士，主要从事经济增长和发展经济学研究。

CRPE秘书处
2019-12-30