| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25505 |
| 来源ID | Working Paper 25505 |
| Low Interest Rates, Market Power, and Productivity Growth | |
| Ernest Liu; Atif Mian; Amir Sufi | |
| 发表日期 | 2019-02-04 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This study provides a new theoretical result that a decline in the long-term interest rate can trigger a stronger investment response by market leaders relative to market followers, thereby leading to more concentrated markets, higher profits, and lower aggregate productivity growth. This strategic effect of lower interest rates on market concentration implies that aggregate productivity growth declines as the interest rate approaches zero. The framework is relevant for anti-trust policy in a low interest rate environment, and it provides a unified explanation for rising market concentration and falling productivity growth as interest rates in the economy have fallen to extremely low levels. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w25505 |
| 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/583179 |
| 推荐引用方式 GB/T 7714 | Ernest Liu,Atif Mian,Amir Sufi. Low Interest Rates, Market Power, and Productivity Growth. 2019. |
| 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 | ||
| w25505.pdf（1240KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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