1、研讨论文

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

2、主讲人

赵欢（中经管2023级硕士生）

3、上期回顾

In our previous discussion, we introduced a modified environment and proved by contradiction that in any nontrivial equilibrium, the leader invests in more states than the follower. The intuition is that if the leader stops investing before the follower, the leader’s future value becomes low and unattractive. This discourages the follower from investing, contradicting the assumption that the follower invests more. We further demonstrated that in all intermediate states between the leader’s and follower’s investment cutofs, the follower does not invest either. This is also intuitive: the follower refrains from investing because the cost of catching up outweighs the marginal gain in value, and the chance of overtaking the leader is too distant and diminished by strong competitive pressures. This reflects a classic discouragement effect in dynamic competition.

4、本期预告

Based on the analytical results we have proved so far, we will show that the steady state of the equilibrium can be characterized by investment cutoff states. This framework allows us to summarize the aggregate productivity growth rate as a function of the distribution of markets across these investment regions. We will also demonstrate that, in a steady state, both the aggregate investment and the productivity growth rate are bounded below.

5、时间

4月17日14:00-17:00

6、地点

学术会堂712

7、主持人/点评老师

王忏 明洋

8、活动对象

创新发展学院、金融学院学生

9、人数规模

30人

10、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