Constrained-Efficient Capital Reallocation

• 成果类型: Article
• 署名作者: Lanteri, Andrea; Rampini, Adriano A.
• 署名单位: Duke University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20210902
• 发表日期: 2023
• 页码: 354-395
• 关键词: equilibrium-model; Credit shocks; stock-market; INVESTMENT; externalities; misallocation; PRODUCTIVITY; frictions; DYNAMICS; policies

摘要

We characterize efficiency in an equilibrium model of investment and capital reallocation with heterogeneous firms facing collateral constraints. The model features two types of pecuniary externalities: collateral externalities, because the resale price of capital affects collateral constraints, and distributive externalities, because buyers of old capital are more financially constrained than sellers, consis-tent with empirical evidence. We prove that the stationary equilib-rium price of old capital is inefficiently high because the distributive externality exceeds the collateral externality, by a factor of two when we calibrate the model. New investment reduces the future price of old capital, providing a rationale for new-investment subsidies. (JEL D21, D24, D25, D62, E22, G31, G32)