| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP12592
|
| DP12592 A Sufficient Statistics Approach for Aggregating Firm-Level Experiments |
| David Thesmar; David Sraer
|
| 发表日期 | 2018-01-14
|
| 出版年 | 2018
|
| 语种 | 英语
|
| 摘要 | We consider a dynamic economy populated by heterogeneous firms subject to generic capital frictions: adjustment costs, taxes and financing constraints. A random subset of firms in this economy receives an empirical "treatment", which modifies the parameters governing these frictions. An econometrician observes the firm-level response to this treatment, and wishes to calculate how macroeconomic outcomes would change if all firms in the economy were treated. Our paper proposes a simple methodology to estimate this aggregate counterfactual using firm-level evidence only. Our approach takes general equilibrium effects into account, requires neither a structural estimation nor a precise knowledge on the exact nature of the experiment and can be implemented using simple moments of the distribution of revenue-to-capital ratios. We provide a set of sufficient conditions under which these formulas are valid and investigate the robustness of our approach to multiple variations in the aggregation framework. |
| 主题 | Financial Economics
; Industrial Organization
; Macroeconomics and Growth
|
| URL | https://cepr.org/publications/dp12592
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541403
|
推荐引用方式
GB/T 7714 |
David Thesmar,David Sraer. DP12592 A Sufficient Statistics Approach for Aggregating Firm-Level Experiments. 2018.
|
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