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Productivity Losses from Financial Frictions: Can Self-Financing Undo Capital Misallocation?
Open accessAbstract
I develop a highly tractable general equilibrium model in which heterogeneous producers face collateral constraints, and study the effect of financial frictions on capital misallocation and aggregate productivity. My economy is isomorphic to a Solow model but with time-varying TFP. I argue that the persistence of idiosyncratic productivity shocks determines both the size of steady-state productivity losses and the speed of transitions: if shocks are persistent, steady-state losses are small but transitions are slow. Even if financial frictions are unimportant in the long run, they tend to matter in the short run and analyzing steady states only can be misleading. (JEL E21, E22, E23, G32, L26, O16)
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A contribution to the theory of economic growth
Solow, R. M. (1956) · The Quarterly Journal of Economics · doi:10.2307/1884513 · Cited by 24,483
Cited by
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Hsieh, C.-T., & Klenow, P. J. (2014) · The Quarterly Journal of Economics · doi:10.1093/qje/qju014 · Cited by 436
Dynamic Inputs and Resource (Mis)Allocation
Asker, J., Collard-Wexler, A., & De Loecker, J. (2014) · Journal of Political Economy · doi:10.1086/677072 · Cited by 369
Credit Shocks and Aggregate Fluctuations in an Economy with Production Heterogeneity
Khan, A., & Thomas, J. K. (2013) · Journal of Political Economy · doi:10.1086/674142 · Cited by 322
Financial Frictions and the Great Productivity Slowdown
Duval, R., Hong, G. H., & Timmer, Y. (2020) · The Review of Financial Studies · doi:10.1093/rfs/hhz063 · Cited by 180
Lafuente, E., Acs, Z. J., Sanders, M., & Szerb, L. (2020) · Small Business Economics · doi:10.1007/s11187-019-00140-1 · Cited by 109
Metadata
- Authors
- Moll, B.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2014-10-01
- Volume
- 104
- Issue
- 10
- Pages
- 3186-3221
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2103920048
- Cited by
- 804
- References
- 1
- FWCI
- 138.52
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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