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 revisited the profit maximization problem faced by final ）
goods producers. Solving this problem, we concluded that it is more appropriate to normalize total expenditure rather than the price of final goods. This adjustment implies that the aggregate productivity growth rate can be measured as the negative of the growth rate of the consumer price index mentioned in the paper. We characterized the steady-state productivity growth rate as a function of the steady-state distribution of productivity gaps, firm-level investments, and step size of productivity increments.
本期预告
We will introduce a modified environment and prove that, in any nontrivial equilibrium, the leader invests in more states than the follower. This result allows us to partition non-neck-and-neck states into two categories: competitive and monopolistic. We will further establish that the steady state of an equilibrium can be described by investment cutoff states, demonstrating that the aggregate growth rate can be concisely summarized by the share of markets in these two regions.
时间
4月10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
