1030期 11月5日:Firm Life-Cycle Learning and Misallocation(冯颖,助理教授,新加坡国立大学)

时间:2019-10-31

【主题】Firm Life-Cycle Learning and Misallocation
【报告人】冯颖(助理教授,新加坡国立大学)
【时间】11月5日(星期二) 15:30-17:00
【地点】经济学院楼401室
【语言】英文
【摘要】Dispersion in marginal revenue products of capital (MRPK) across firms may lower aggregate productivity through misallocation. Using firm-level panel data from China, I document that MRPK dispersion decreases substantially with firm age, particularly before age five. Building on this fact, I provide a new interpretation of MRPK dispersion as firm life-cycle learning. I formalize this idea in a dynamic model, in which firms learn about their fundamental productivity as they age and choose capital inputs in a frictional market based on their priors. Within each cohort of firms, imprecise priors lead firms to differ in their ex-post MRPK even in the absence of firm-level distortions. As firms learn over time and adjust their capital stocks, possibly through exiting the market, dispersion in MRPK decreases. Quantitative analysis of the model shows that omitting firm life-cycle learning leads to sizable overestimation of the aggregate productivity losses from misallocation
返回原图
/