Le mardi 27 mai à 11h, en salle Maurice Desplas, Le LEMMA (Laboratoire d'économie mathématique et de microéconomie appliquée) organise un séminaire, Guillaume ROCHETEAU (professeur à l'Université de Californie à Irvine) présentera Frictional Capital Markets and Economic Growth.

Résumé :

This paper develops an endogenous growth model where firms face idiosyncratic productivity shocks, necessitating capital reallocation. Capital goods trade in a frictional dealer market, giving rise to a distribution of capital holdings and Tobin's q across firms. The model highlights the intricate relationship between capital misallocation and growth. Absent externalities, market frictions worsen capital misallocation and hinder growth. When brokers are perfect monopolists, vanishing search frictions eliminate capital misallocation but leave growth inefficiently low. With learning-by-doing externalities, reducing frictions lowers misallocation but has nonmonotonic effects on growth and welfare. With entry, higher dealer's bargaining power can reduce misallocation and growth.

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