Slow recoveries

• 成果类型: Article; Proceedings Paper
• 署名作者: Bergoeing, R; Loayza, N; Repetto, A
• 署名单位: Universidad de Chile; The World Bank
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2004.06.007
• 发表日期: 2004
• 页码: 473-506
• 关键词: productivity growth; Plant dynamics; POLICY; general equilibrium

摘要

Economies respond differently to aggregate shocks that reduce output. While some countries rapidly recover their pre-crisis trend, others stagnate. Recent studies provide empirical support for a link between aggregate growth and plant dynamics through its effect on productivity: the entry and exit of firms and the reallocation of resources from less to more efficient firms explain a relevant part of transitional productivity dynamics. In this paper, we use a stochastic general equilibrium model with heterogeneous firms to study the effect on aggregate short-run growth of policies that distort the process of birth, growth, and death of firms, as well as the reallocation of resources across economic units. Our findings show that indeed policies that alter plant dynamics can explain slow recoveries. We also find that output losses associated to delayed recoveries are large. (C) 2004 Elsevier B.V. All rights reserved.