研讨论文

Low Interest Rates, Market Power, and Productivity Growth(Econometrica. Liu et al. 2022)

主讲人

赵欢（中经管2023级硕士生）

上期回顾

We presented a stylized example to illustrate the key force in the model: low interest rates incentivize industry leaders to invest more than industry followers. We proved that the investment gap between leaders and followers diverges to infinity as the interest rate approaches zero. In the generalized model, we solved the optimization problems for both households and firms and defined the symmetric Markov-perfect equilibrium. The steady-state distribution of productivity gaps must satisfy the property: at each point in time, the density of markets entering and leaving each state must be equal.

本期预告

We will characterize the steady-state productivity growth rate as a function of the steady-state distribution in productivity gaps and firm-level investments. Specifically, we will show that aggregate productivity growth equals the average rate of productivity improvements for leaders and neck-and-neck firms, weighted by the share of markets in each state. Equivalently, it can be expressed as the average rate of productivity improvements for market followers. Additionally, we will prove that the leader invests in more states than the follower in any nontrivial equilibrium. This result allows us to partition non-neck-and-neck states into competitive and monopolistic regions.

时间

3月27日14:00-17:00

地点

学术会堂712

主持人/点评老师

王忏 明洋

活动对象

创新发展学院、金融学院学生

人数规模

30人

主办单位

创新发展学院中国经济与管理研究院，金融学院联合主办

撰稿：赵欢

审稿：明洋

编辑：沈嘉怡

审核：王颖