【Macro/Finance Webinar】Buy Big or Buy Small? Procurement Policies, Firms' Financing, and the Macroeconomy

  • 研討會日期 : 2023-11-24
  • 時間 : 16:00
  • 主講人 : Professor Priit Jeenas
  • 地點 : Online
  • 演講者簡介 : Professor Priit Jeenas received his PhD from New York University in 2019. He is currently an Assistant Professor at Universitat Pompeu Fabra. His research interests are Macroeconomics, Monetary Economics, Financial Economics, amd Time-series Econometrics.
  • 演講摘要 : This paper provides a framework to study how different public procurement contract allocation systems affect the macroeconomy. We build a dataset for Spain that merges public procurement, credit register, and firm-level data, and provide evidence consistent with procurement contracts acting as collateral for firms. We build a firm-dynamics model with asset- and earnings-based borrowing constraints and a government purchas- ing goods and services from firms. Procurement policies that promote the participation of small firms have sizeable macroeconomic effects, but the impact on GDP is ambiguous and depends on how policies are implemented and the type and strength of financial frictions.