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

In our previous discussion, we showed that the shares of markets in the competitive and monopolistic regions are sufficient statistics for steady-state growth and that markets in the competitive region contribute more to aggregate growth than those in the monopolistic region. We also showed that, in the steady state, both aggregate investment and the aggregate productivity growth rate are bounded from below. Using proof by contradiction, we demonstrated that as the interest rate tends to zero, the leader’s cutoff diverges to positive infinity. Building on this, we showed that the gap between the leader's and follower's cutoffs must also grow without bounds.

本期预告

We will prove that as the interest rate approaches zero, the follower's cutoff also diverges to positive infinity. In this limit, all markets are in the monopolistic region, and leaders almost surely stay permanently as leaders. Followers cease to invest completely, and leaders invest only to counteract technology diffusion.Consequently, both aggregate investment and productivity growth decline and converge to their respective lower bounds.

时间

4月24日14:00-17:00

地点

学术会堂712

主持人

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