| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20340 |
| 来源ID | Working Paper 20340 |
| Information, Misallocation and Aggregate Productivity | |
| Joel M. David; Hugo A. Hopenhayn; Venky Venkateswaran | |
| 发表日期 | 2014-07-24 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We propose a theory linking imperfect information to resource misallocation and hence to aggregate productivity and output. In our setup, firms look to a variety of noisy information sources when making input decisions. We devise a novel empirical strategy that uses a combination of firm-level production and stock market data to pin down the information structure in the economy. Even when only capital is chosen under imperfect information, applying this methodology to data from the US, China, and India reveals substantial losses in productivity and output due to the informational friction. Our estimates for these losses range from 7-10% for productivity and 10-14% for output in China and India, and are smaller, though still significant, in the US. Losses are substantially higher when labor decisions are also made under imperfect information. We find that firms turn primarily to internal sources for information; learning from financial markets contributes little, even in the US. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Development and Growth ; Development ; Growth and Productivity |
| URL | https://www.nber.org/papers/w20340 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578013 |
| 推荐引用方式 GB/T 7714 | Joel M. David,Hugo A. Hopenhayn,Venky Venkateswaran. Information, Misallocation and Aggregate Productivity. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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