如何利用自然实验估计资源错配

IF 10.5 1区经济学 Q1 ECONOMICS

American Economic Review Pub Date : 2023-04-01 DOI:10.1257/aer.20190609

D. Sraer, D. Thesmar

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引用次数: 5

摘要

我们提出了一种使用(准)实验证据来估计企业政策(如破产法)对配置效率的影响的方法。我们的方法考虑了一般均衡效应，既不需要结构性估计，也不需要对实验如何影响企业进行精确假设。我们的汇总公式依赖于政策对产出资本比率分布的处理效果，这很容易估计。我们证明了这种方法对宏观金融中的一类常用模型是有效的。我们将其应用于20世纪80年代中期的法国银行业放松管制事件，发现总TFP增加了5%。(凝胶g21, g24, g28, g31, g32, h25)

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How to Use Natural Experiments to Estimate Misallocation

We propose a method to estimate the effect of firm policies (e.g., bankruptcy laws) on allocative efficiency using (quasi-)experimental evidence. Our approach takes general equilibrium effects into account and requires neither a structural estimation nor a precise assumption on how the experiment affects firms. Our aggregation formula relies on treatment effects of the policy on the distribution of output-to-capital ratios, which are easily estimated. We show this method is valid for a large class of commonly used models in macrofinance. We apply it to the French banking deregulation episode of the mid- 1980s and find an increase in aggregate TFP of 5 percent. (JEL G21, G24, G28, G31, G32, H25)

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来源期刊

American Economic Review ECONOMICS-

CiteScore

18.60

自引率

2.80%

发文量

122

期刊介绍： The American Economic Review (AER) stands as a prestigious general-interest economics journal. Founded in 1911, it holds the distinction of being one of the nation's oldest and most esteemed scholarly journals in economics. With a commitment to academic excellence, the AER releases 12 issues annually, featuring articles that span a wide spectrum of economic topics.