全球智库信息集成服务系统(G2TT): A Sufficient Statistics Approach for Aggregating Firm-Level Experiments

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w24208
来源ID	Working Paper 24208
	A Sufficient Statistics Approach for Aggregating Firm-Level Experiments
	David Sraer; David Thesmar
发表日期	2018-01-15
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	Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance
URL	https://www.nber.org/papers/w24208
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/581882
推荐引用方式 GB/T 7714	David Sraer,David Thesmar. A Sufficient Statistics Approach for Aggregating Firm-Level Experiments. 2018.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w24208.pdf（555KB）	智库出版物		限制开放	CC BY-NC-SA	浏览