Replication data for: Productivity Losses from Financial Frictions: Can Self-Financing Undo Capital Misallocation?
Principal Investigator(s): View help for Principal Investigator(s) Benjamin Moll
Version: View help for Version V1
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Project Description
Summary:
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I develop a highly tractable general equilibrium model in which
heterogeneous producers face collateral constraints, and study the
effect of financial frictions on capital misallocation and aggregate
productivity. My economy is isomorphic to a Solow model but with
time-varying TFP. I argue that the persistence of idiosyncratic productivity shocks determines both the size of steady-state productivity losses and the speed of transitions: if shocks are persistent, steady-state losses are small but transitions are slow. Even if financial frictions are unimportant in the long run, they tend to matter in the short run and analyzing steady states only can be misleading.
Scope of Project
JEL Classification:
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E21 Macroeconomics: Consumption; Saving; Wealth
E22 Investment; Capital; Intangible Capital; Capacity
E23 Macroeconomics: Production
G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
L26 Entrepreneurship
O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
E21 Macroeconomics: Consumption; Saving; Wealth
E22 Investment; Capital; Intangible Capital; Capacity
E23 Macroeconomics: Production
G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
L26 Entrepreneurship
O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
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