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Faculté et Recherche

How to Use Natural Experiments to Estimate Misallocation - David Sraer

06 Mai
2021
15H00
Jouy-en-Josas
Anglais

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2021-05-06T15:00:00 2021-05-06T16:00:00 How to Use Natural Experiments to Estimate Misallocation - David Sraer Finance Speaker : David Sraer (Berkeley) Videoconference Jouy-en-Josas

Finance

Speaker : David Sraer (Berkeley)

Videoconference

We propose a method to estimate the effect of firm policies (e.g., bankruptcy laws or subsidized credit) on allocative efficiency using (quasi-) experimental evidence. Our approach takes general equilibrium effects into account and requires neither a structural estimation nor a precise assumption on how the experiment affects firms. Our aggregation formula relies on treatment effects of the policy on the distribution of output-to-capital ratios, which are easily estimated in (quasi-) experimental data. We show that this method is valid as long as the true data-generating process belongs to a large class of commonly-used models in macro-finance. Finally, we apply this method to the French banking deregulation episode of the mid-1980s and find that this reform led to an increase in aggregate TFP of 2.7%.

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2021-05-06T15:00:00 2021-05-06T16:00:00 How to Use Natural Experiments to Estimate Misallocation - David Sraer Finance Speaker : David Sraer (Berkeley) Videoconference Jouy-en-Josas