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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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