【Macro Seminar】Finance, Managerial Inputs, and Misallocation

  • 研討會日期 : 2022-12-27
  • 時間 : 10:30
  • 主講人 : Professor Xiaodong Zhu
  • 地點 : Conference room B110
  • 主持人 : Professor Wen-Tai Hsu
  • 演講者簡介 : Professor Zhu received his Ph.D. in Economic from the University of Chicago in 1991. He is currently a Professor at the University of Hong Kong. His research interests are Chinese Economy, Growth and Development, and Macroeconomics.
  • 演講摘要 : In standard macro-finance models, financial constraints mainly affect small or young firms but not large or old ones due to the self-financing mechanism, and the dispersion of marginal revenue product of capital (MRPK) of a firm cohort is less persistent than in the data. We extend a standard model by allowing firms to hire managers and large firms hire disproportionately more managers, consistent with data. In our model, financial constraints and the dispersion of MRPK persist, and even large firms are likely to be constrained. The productivity loss from financial frictions is also substantially amplified.