Financial Frictions , Capital Misallocation , and Input-Output Linkages

• 成果类型: Article
• 署名作者: Su, Hsuan-Li
• 署名单位: National Central University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20190238
• 发表日期: 2024
• 页码: 62-94
• 关键词: aggregate; fluctuations; origins; shocks; GROWTH

摘要

I study how input-output linkages amplify the aggregate impact of sectoral financial distortions in a dynamic general equilibrium model with endogenous capital wedges. The aggregate impact of a shock can be decomposed into weighted productivity changes and changes in allocative efficiency. A systematic uncertainty shock induces heterogenous responses in sectoral capital wedges , reducing allocative efficiency and aggregate total factor productivity ( TFP ) . However , idiosyncratic sectoral uncertainty shocks may improve allocative efficiency and raise TFP. I then calibrate the model to US data. The network amplification magnitude on aggregate TFP ranges from 1.58 to 1.7. ( JEL E22, E23, E25, E32, E44, G20, G30 )