subject:(Misallocation)

1. MORANDO, BRUNO. Essays in Development Economics.

Degree: School of Social Sciences & Philosophy. Discipline of Economics, 2020, Trinity College Dublin

This dissertation is a collection of three essays with a geographical and thematic common denominator. The broad objective of the thesis is to study how the Ugandan agricultural sector is affected by the country' Advisors/Committee Members: Newman, Carol.

Subjects/Keywords: Agriculture; Uganda; Misallocation

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APA (6^th Edition):

MORANDO, B. (2020). Essays in Development Economics. (Thesis). Trinity College Dublin. Retrieved from http://hdl.handle.net/2262/92702

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

MORANDO, BRUNO. “Essays in Development Economics.” 2020. Thesis, Trinity College Dublin. Accessed February 28, 2021. http://hdl.handle.net/2262/92702.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

MORANDO, BRUNO. “Essays in Development Economics.” 2020. Web. 28 Feb 2021.

Vancouver:

MORANDO B. Essays in Development Economics. [Internet] [Thesis]. Trinity College Dublin; 2020. [cited 2021 Feb 28]. Available from: http://hdl.handle.net/2262/92702.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

MORANDO B. Essays in Development Economics. [Thesis]. Trinity College Dublin; 2020. Available from: http://hdl.handle.net/2262/92702

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

UCLA

2. Hang, Jing. Essays on Agriculture, Misallocation, and Economic Development.

Degree: Economics, 2018, UCLA

URL: http://www.escholarship.org/uc/item/5q16d1z0

► This dissertation consists of three chapters. This first chapter studies ability sorting between rural and urban regions induced by regional differences in prices and evaluates… (more)

Subjects/Keywords: Economics; Agriculture; Development; Misallocation

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APA (6^th Edition):

Hang, J. (2018). Essays on Agriculture, Misallocation, and Economic Development. (Thesis). UCLA. Retrieved from http://www.escholarship.org/uc/item/5q16d1z0

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Hang, Jing. “Essays on Agriculture, Misallocation, and Economic Development.” 2018. Thesis, UCLA. Accessed February 28, 2021. http://www.escholarship.org/uc/item/5q16d1z0.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Hang, Jing. “Essays on Agriculture, Misallocation, and Economic Development.” 2018. Web. 28 Feb 2021.

Vancouver:

Hang J. Essays on Agriculture, Misallocation, and Economic Development. [Internet] [Thesis]. UCLA; 2018. [cited 2021 Feb 28]. Available from: http://www.escholarship.org/uc/item/5q16d1z0.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Hang J. Essays on Agriculture, Misallocation, and Economic Development. [Thesis]. UCLA; 2018. Available from: http://www.escholarship.org/uc/item/5q16d1z0

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Princeton University

3. Huang, Zongbo. The Real Effects of Financial Frictions: Amplification, Misallocation, and Instability .

Degree: PhD, 2017, Princeton University

URL: http://arks.princeton.edu/ark:/88435/dsp01cv43p042d

► This dissertation consists of three essays at the intersection of finance and macroeconomics. A common thread is to study the amplification of financial shocks and… (more)

▼ This dissertation consists of three essays at the intersection of finance and macroeconomics. A common thread is to study the amplification of financial shocks and misallocation due to financial frictions. The first essay studies the role of banks' discretion in managing panics in a dynamic model of credit line run. In downturns, banks tighten liquidity by revoking credit lines. Anticipating this, borrowers run to draw down credit lines in the first place, which imposes further pressure on banks. Thus liquidity rationing and credit line runs form a feedback loop that amplifies bank distress. I fit the model to the U.S. commercial bank data and find that the feedback effects contribute to more than a half of the liquidity contraction during the Great Recession. The second essay is a joint work with Sylvain Catherine, Thomas Chaney, David Sraer, and David Thesmar. We structurally estimate a dynamic model with heterogeneous firms and collateral constraints, based on the causal effect of collateral shocks on firm investment. We then quantify the aggregate impact of financial friction by embedding the model in a general equilibrium framework. The estimates imply that lifting financial frictions would increase welfare by 9.4% and aggregate output by 11%. Half of the output gain is due to an increase in the aggregate stock of capital, one-quarter is due to a larger aggregate labor supply, while the remaining quarter is due to a higher aggregate productivity from a better allocation of inputs across heterogeneous firms. The final essay develops a dynamic general equilibrium model with heterogeneous beliefs and collateral constraints and investigates the cyclicality of haircuts and default risks jointly. The endogenously determined haircuts are countercyclical and thus lead to a downward margin spiral that exacerbates financial instability. Meanwhile, default risks accumulate in the background, until they materialize during crises. Advisors/Committee Members: Brunnermeier, Markus (advisor).

Subjects/Keywords: Amplification; Financial Frictions; Instability; Misallocation

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APA (6^th Edition):

Huang, Z. (2017). The Real Effects of Financial Frictions: Amplification, Misallocation, and Instability . (Doctoral Dissertation). Princeton University. Retrieved from http://arks.princeton.edu/ark:/88435/dsp01cv43p042d

Chicago Manual of Style (16^th Edition):

Huang, Zongbo. “The Real Effects of Financial Frictions: Amplification, Misallocation, and Instability .” 2017. Doctoral Dissertation, Princeton University. Accessed February 28, 2021. http://arks.princeton.edu/ark:/88435/dsp01cv43p042d.

MLA Handbook (7^th Edition):

Huang, Zongbo. “The Real Effects of Financial Frictions: Amplification, Misallocation, and Instability .” 2017. Web. 28 Feb 2021.

Vancouver:

Huang Z. The Real Effects of Financial Frictions: Amplification, Misallocation, and Instability . [Internet] [Doctoral dissertation]. Princeton University; 2017. [cited 2021 Feb 28]. Available from: http://arks.princeton.edu/ark:/88435/dsp01cv43p042d.

Council of Science Editors:

Huang Z. The Real Effects of Financial Frictions: Amplification, Misallocation, and Instability . [Doctoral Dissertation]. Princeton University; 2017. Available from: http://arks.princeton.edu/ark:/88435/dsp01cv43p042d

Boston College

4. Subramaniam, Giridaran. Essays in Macroeconomics and Development.

Degree: PhD, Economics, 2020, Boston College

URL: http://dlib.bc.edu/islandora/object/bc-ir:108829

► This dissertation consists of three chapters. The first chapter, "The Supply-Side Effects of India's Demonetization", investigates the supply-side effects of a unique monetary shock –… (more)

▼ This dissertation consists of three chapters. The first chapter, "The Supply-Side Effects of India's Demonetization", investigates the supply-side effects of a unique monetary shock – the 2016 Indian demonetization – that made 86% of currency in circulation illegal overnight. Exploiting cross-sectional variation in firm and industry characteristics that correlate with cash usage and exposure to the informal sector, I find that firms that use cash more and obtain larger shares of labor or material inputs from the informal sector, experienced declines in their labor and material shares after demonetization. I also show that casual laborers were more likely to report being unemployed in the months following demonetization. These findings document a supply channel for demonetization and also show that cash plays an essential role in India's informal sector. Crucially, given that India's formal sector is highly dependent on the informal sector for labor and materials, any shock to the supply of cash is likely to have affected the economy as a whole. In the second chapter, "Directed Lending and Misallocation: Evidence from India", joint with Deeksha Kale, we leverage a natural experiment to study whether targeted credit policy can help reduce misallocation. In 2006, the Government of India modified the definition of small firms thereby expanding eligibility to a directed credit program. We show that the credit policy changed eligible firms' input wedges and thereby reduced misallocation. For firms with initially higher MRPK, the policy resulted in relatively larger increases in physical capital and decreased the MRPK. This policy moderately reduced within-industry dispersion of MRPK and increased aggregate productivity. Finally, in the third chapter, "Victims of Consequence: Evidence on Child Outcomes using Microdata from a Civil War", joint with Sajala Pandey, we study the short-run impacts of violent events on child time allocation, curative health-care, and education. Exploiting spatial and temporal variation in exposure to local-level armed conflict, we find that an increase in violent events: (i) leads to an increase in contemporaneous hours worked by children, with the effect being substantial for agricultural work; (ii) decreases the likelihood of parents taking their children to visit a health-care facility to seek curative care; and (iii) results in a reduced likelihood of attending school, along with a decline in years of education. Overall, the results indicate that the war affected schooling and time allocation of boys whereas girls were less likely to get curative health-care. Advisors/Committee Members: Ryan Chahrour (Thesis advisor), Fabio Schiantarelli (Thesis advisor).

Subjects/Keywords: Demonetization; Development; Firms; Macroeconomics; Misallocation

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APA (6^th Edition):

Subramaniam, G. (2020). Essays in Macroeconomics and Development. (Doctoral Dissertation). Boston College. Retrieved from http://dlib.bc.edu/islandora/object/bc-ir:108829

Chicago Manual of Style (16^th Edition):

Subramaniam, Giridaran. “Essays in Macroeconomics and Development.” 2020. Doctoral Dissertation, Boston College. Accessed February 28, 2021. http://dlib.bc.edu/islandora/object/bc-ir:108829.

MLA Handbook (7^th Edition):

Subramaniam, Giridaran. “Essays in Macroeconomics and Development.” 2020. Web. 28 Feb 2021.

Vancouver:

Subramaniam G. Essays in Macroeconomics and Development. [Internet] [Doctoral dissertation]. Boston College; 2020. [cited 2021 Feb 28]. Available from: http://dlib.bc.edu/islandora/object/bc-ir:108829.

Council of Science Editors:

Subramaniam G. Essays in Macroeconomics and Development. [Doctoral Dissertation]. Boston College; 2020. Available from: http://dlib.bc.edu/islandora/object/bc-ir:108829

UCLA

5. Giuliano, Fernando Mauro. Essays on the Real Effects of Financial Market Fluctuations.

Degree: Economics, 2015, UCLA

URL: http://www.escholarship.org/uc/item/33p55579

► In the following essays I study the effects of disruptions in financial markets on aggregate outcomes.In the first two chapters, I study the transmission mechanisms… (more)

▼ In the following essays I study the effects of disruptions in financial markets on aggregate outcomes.In the first two chapters, I study the transmission mechanisms from financial crises to the real economy in emerging countries, in environments where firms set heterogeneous markups. The introduction of heterogeneous markups is backed by data: I document that there is evidence of firms setting heterogeneous markups using microdata for Argentina and Colombia. As an endogenous source of resource misallocation across firms, markups can potentially be an important driver of aggregate productivity and output dynamics during large financial crises. The opening chapter is my first attempt to address the role of heterogeneous markups during financial crises. To investigate the extent to which this has a significant quantitative role, I adapt a model of imperfect competition where markups are a function of within-sector market shares. Using microdata from Argentina's annual manufacturing survey, I document that market shares become more disperse during the Argentine 2001-02 crisis. Through the lens of the model this results in increased variability of markups, which decreases aggregate productivity. I perform an accounting exercise and find that markup-induced misallocation can explain between 6.4% and 15.6% of the fall in aggregate productivity during the Argentine crisis, or up to one third of the overall effect of resource misallocation.In Chapter 2, joint with Gabriel Zaourak, we explicitly introduce financial frictions to analyze the interaction between credit constraints and variable markups during a credit crunch. Financial frictions take the form of a collateral constraint on working capital. A financial crisis in this framework is modeled as an exogenous shock to the maximum amount of working capital that can be financed externally. Using microdata from financial statements and manufacturing surveys, we calibrate the model to match salient features of the Colombian economy for the 1998-99 financial crisis, and evaluate the transition dynamics of aggregate variables. The model replicates the fall and subsequent recovery of aggregate output and productivity, as well as the concentration patterns observed in the data. We find that in this case variable markups partially offset the resource misallocation triggered by a credit crunch, dampening the response of aggregate variables. The reason is that under variable markups firms try not to change their price (hence quantities) as much as they would under constant markups. This is an example of the ambiguous effect of distortions in a second best world. The last chapter is an early empirical exploration of the link between price fluctuations in financial markets and aggregate labor market outcomes, using data from the United Kingdom. I build a quarterly wealth index from stock market prices and real estate prices for the 1971-2012 period. Using a VECM, I find a robust co-integrating relationship between the unemployment rate and the wealth index. Specifically,…

Subjects/Keywords: Economics; Aggregate Productivity; Financial Crises; Macroeconomics; Misallocation

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APA (6^th Edition):

Giuliano, F. M. (2015). Essays on the Real Effects of Financial Market Fluctuations. (Thesis). UCLA. Retrieved from http://www.escholarship.org/uc/item/33p55579

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Giuliano, Fernando Mauro. “Essays on the Real Effects of Financial Market Fluctuations.” 2015. Thesis, UCLA. Accessed February 28, 2021. http://www.escholarship.org/uc/item/33p55579.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Giuliano, Fernando Mauro. “Essays on the Real Effects of Financial Market Fluctuations.” 2015. Web. 28 Feb 2021.

Vancouver:

Giuliano FM. Essays on the Real Effects of Financial Market Fluctuations. [Internet] [Thesis]. UCLA; 2015. [cited 2021 Feb 28]. Available from: http://www.escholarship.org/uc/item/33p55579.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Giuliano FM. Essays on the Real Effects of Financial Market Fluctuations. [Thesis]. UCLA; 2015. Available from: http://www.escholarship.org/uc/item/33p55579

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Penn State University

6. Han, Minsoo. Three Essays on Misallocation and Productivity.

Degree: 2013, Penn State University

URL: https://submit-etda.libraries.psu.edu/catalog/18920

► CHAPTER 1: Plant-Level Worker Flows and the Losses from Financial Frictions Buera and Shin (2013) (BS) study the effect of financial frictions on total factor… (more)

▼ CHAPTER 1: Plant-Level Worker Flows and the Losses from Financial Frictions Buera and Shin (2013) (BS) study the effect of financial frictions on total factor productivity (TFP). To do so, they develop a growth model in which output is produced by producers with heterogeneous productivity and there are entry and exit of producers. Their financial frictions are in the form of a collateral constraint, so that the amount of capital which producers can rent in the capital rental market is limited to some multiple of producers’ individual wealth. But plant-level worker flows predicted by their model are not consistent with data on such flows. In this paper, I recalibrate the model to match these additional data. The main finding is that TFP effect of financial frictions is smaller under the revised calibration. For the tightest collateral constraint (a producer can only employ the capital he owns), TFP is 5.6% lower than in perfect capital market, while it is 15.9% lower for the replication of BS calibration. CHAPTER 2: Capital Account Openness and the Losses from Financial Frictions The goal of this paper is to isolate the role of openness to international financial markets (capital account openness) on the total factor productivity (TFP) effect of financial frictions. To do so, I formulate a model in which individual households are either workers or entrepreneurs, can only save in the form of capital, and entrepreneurs are subject to a collateral constraint. Using this structure, I compare two steady states of a calibrated model numerically: one in which the capital rental rate must clear a domestic capital rental market (closed economy), and one in which that rate is given by the world (small open economy). The model predicts that a small open economy is affected less by financial frictions than a closed economy: for the tightest collateral constraint, TFP in a small open economy is only about 1% lower than in the economy without a collateral constraint, while it is 15% lower in a closed economy. TFP losses in a small open economy reflect factor misallocation among incumbent entrepreneurs (intensive margin), not distortions along entry-exit margin, whereas for a tight financial frictions, there are distortions on both intensive and entry-exit margins in a closed economy. Using macro data, I find that a 1% rise in openness is associated with 0.196% decline in the effect of financial frictions on TFP. Running the same regression on subsamples, I also find that this empirical result mainly comes from a group of low income countries. CHAPTER 3: The Losses from Tax-type Distortions in a Model with Innovation In this paper, I assess total factor productivity (TFP) losses from tax-type distortions. To do so, I introduce firm-specific tax-type distortions into a model like that of Luttmer (2007) and Atkeson and Burstein (2010), both of which have firms entering and exiting and engaging in costly process innovation that raises the probability of receiving higher future productivity. Then I compare the TFP gain from removing… Advisors/Committee Members: Neil Wallace, Dissertation Advisor/Co-Advisor, Saroj Bhattarai, Committee Chair/Co-Chair, James R. Tybout, Committee Member, David Gerard Abler, Special Member.

Subjects/Keywords: misallocation; total factor productivity; financial frictions

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APA (6^th Edition):

Han, M. (2013). Three Essays on Misallocation and Productivity. (Thesis). Penn State University. Retrieved from https://submit-etda.libraries.psu.edu/catalog/18920

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Han, Minsoo. “Three Essays on Misallocation and Productivity.” 2013. Thesis, Penn State University. Accessed February 28, 2021. https://submit-etda.libraries.psu.edu/catalog/18920.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Han, Minsoo. “Three Essays on Misallocation and Productivity.” 2013. Web. 28 Feb 2021.

Vancouver:

Han M. Three Essays on Misallocation and Productivity. [Internet] [Thesis]. Penn State University; 2013. [cited 2021 Feb 28]. Available from: https://submit-etda.libraries.psu.edu/catalog/18920.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Han M. Three Essays on Misallocation and Productivity. [Thesis]. Penn State University; 2013. Available from: https://submit-etda.libraries.psu.edu/catalog/18920

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Universitat Pompeu Fabra

7. Figueiredo, Ana. Essays on the allocation of talent.

Degree: Departament d'Economia i Empresa, 2018, Universitat Pompeu Fabra

URL: http://hdl.handle.net/10803/663634

► Esta tesis doctoral investiga los mecanismos que están detrás de la mala asignación de talento, cómo varía ésta a lo largo del ciclo económico y… (more)

Subjects/Keywords: Talent misallocation; Education; Talento; Educación; 33

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APA (6^th Edition):

Figueiredo, A. (2018). Essays on the allocation of talent. (Thesis). Universitat Pompeu Fabra. Retrieved from http://hdl.handle.net/10803/663634

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Figueiredo, Ana. “Essays on the allocation of talent.” 2018. Thesis, Universitat Pompeu Fabra. Accessed February 28, 2021. http://hdl.handle.net/10803/663634.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Figueiredo, Ana. “Essays on the allocation of talent.” 2018. Web. 28 Feb 2021.

Vancouver:

Figueiredo A. Essays on the allocation of talent. [Internet] [Thesis]. Universitat Pompeu Fabra; 2018. [cited 2021 Feb 28]. Available from: http://hdl.handle.net/10803/663634.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Figueiredo A. Essays on the allocation of talent. [Thesis]. Universitat Pompeu Fabra; 2018. Available from: http://hdl.handle.net/10803/663634

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of Rochester

8. Tian, Xu; Bai, Yan; Lu, Dan. Essays on macro-finance.

Degree: PhD, 2016, University of Rochester

URL: http://hdl.handle.net/1802/31714

► This dissertation studies the macroeconomic consequences of financial frictions via their roles in determining the capital structures of firms and financial institutions. It consists of… (more)

▼ This dissertation studies the macroeconomic consequences of financial frictions via their roles in determining the capital structures of firms and financial institutions. It consists of two papers in this particular field. The first paper focuses on the capital structure decisions of financial intermediaries and their macroeconomic implications. In this paper, titled "Uncertainty and the Shadow Banking Crisis: A Structural Estimation", I examine the impact of asset return uncertainty on the financing and leverage decisions of shadow banks. Shadow banks play an important role in the modern financial system and are arguably the source of key vulnerabilities leading to the 2007-2009 financial crisis. In this paper, I develop a quantitative framework with endogenous bank default and aggregate uncertainty fluctuation to study the dynamics of shadow banking. I argue that the increase in asset return uncertainty during the crisis results in the spread spike, making it more costly for shadow banks to roll over their debt in the short-term debt market. As a result, these banks are forced to deleverage, leading to a decrease in the credit supply. The model is estimated using a bank-level dataset of shadow banks in the United States. The findings show that uncertainty shocks are able to generate statistics and pathways of leverage, spread, and assets which closely match those observed in the data. Maturity mismatch and asset firesales amplify the impact of the uncertainty shocks. First moment shocks alone can not reproduce the large interbank spread spike, dramatic deleveraging and contraction of the US shadow banking sector during the crisis. The model also allows for policy experiments. I analyze how unconventional monetary policies can help to counter the rise in the interbank spread, thus stabilizing the credit supply. Taking into consideration of bank moral hazard, I find that government bailout might be counterproductive as it might result in more aggressive risk-taking of shadow banks. The contribution of this paper is twofold. On the empirical front, I contribute to the literature by being the first in documenting several stylized facts of the U.S. shadow banking industry using a detailed micro-level dataset. On the theoretical front, I contribute to the literature by being the first in building a quantitative model with heterogeneous banks, endogenous bank default, aggregate uncertainty fluctuation and maturity mismatch to characterize the shadow banking dynamics in a full nonlinear manner and quantifying the impact of uncertainty shocks on the shadow banking industry. In the second paper with Yan Bai and Dan Lu, "Do Financial Frictions Explain Chinese Firms' Saving and Misallocation?", we use Chinese firm-level data to quantify financial frictions in China and ask to what extent they can explain firms' saving and capital misallocation. The literature on the effect of financial frictions on capital outflow and misallocation is large, however, it either uses aggregate data or it ignores…

Subjects/Keywords: Macro-finance; Financial frictions; Uncertainty; Shadow banking; Firm saving; Misallocation

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Tian, Xu; Bai, Yan; Lu, D. (2016). Essays on macro-finance. (Doctoral Dissertation). University of Rochester. Retrieved from http://hdl.handle.net/1802/31714

Chicago Manual of Style (16^th Edition):

Tian, Xu; Bai, Yan; Lu, Dan. “Essays on macro-finance.” 2016. Doctoral Dissertation, University of Rochester. Accessed February 28, 2021. http://hdl.handle.net/1802/31714.

MLA Handbook (7^th Edition):

Tian, Xu; Bai, Yan; Lu, Dan. “Essays on macro-finance.” 2016. Web. 28 Feb 2021.

Vancouver:

Tian, Xu; Bai, Yan; Lu D. Essays on macro-finance. [Internet] [Doctoral dissertation]. University of Rochester; 2016. [cited 2021 Feb 28]. Available from: http://hdl.handle.net/1802/31714.

Council of Science Editors:

Tian, Xu; Bai, Yan; Lu D. Essays on macro-finance. [Doctoral Dissertation]. University of Rochester; 2016. Available from: http://hdl.handle.net/1802/31714

Cornell University

9. Bakshi, Tanya. An Empirical Analysis of Firm-Level Productivity, Perceptions, and Misallocation in the South Asian Region.

Degree: M.S., Applied Economics and Management, Applied Economics and Management, 2020, Cornell University

URL: http://hdl.handle.net/1813/70239

► Limited access to firm-level data on the South Asian Region (SAR) that is comparable both across countries and time has contributed to the dearth of… (more)

Subjects/Keywords: firm-level; misallocation; perceptions; productivity; South Asia; TFP

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APA (6^th Edition):

Bakshi, T. (2020). An Empirical Analysis of Firm-Level Productivity, Perceptions, and Misallocation in the South Asian Region. (Masters Thesis). Cornell University. Retrieved from http://hdl.handle.net/1813/70239

Chicago Manual of Style (16^th Edition):

Bakshi, Tanya. “An Empirical Analysis of Firm-Level Productivity, Perceptions, and Misallocation in the South Asian Region.” 2020. Masters Thesis, Cornell University. Accessed February 28, 2021. http://hdl.handle.net/1813/70239.

MLA Handbook (7^th Edition):

Bakshi, Tanya. “An Empirical Analysis of Firm-Level Productivity, Perceptions, and Misallocation in the South Asian Region.” 2020. Web. 28 Feb 2021.

Vancouver:

Bakshi T. An Empirical Analysis of Firm-Level Productivity, Perceptions, and Misallocation in the South Asian Region. [Internet] [Masters thesis]. Cornell University; 2020. [cited 2021 Feb 28]. Available from: http://hdl.handle.net/1813/70239.

Council of Science Editors:

Bakshi T. An Empirical Analysis of Firm-Level Productivity, Perceptions, and Misallocation in the South Asian Region. [Masters Thesis]. Cornell University; 2020. Available from: http://hdl.handle.net/1813/70239

Australian National University

10. Truong, Thi Thu Trang. Capital and labour misallocation in Vietnam .

Degree: 2015, Australian National University

URL: http://hdl.handle.net/1885/129354

► Vietnam has achieved remarkable development outcomes since reforms in 1986. However, there are concerns about the inclusiveness and sustainability of the country’s development. The share… (more)

▼ Vietnam has achieved remarkable development outcomes since reforms in 1986. However, there are concerns about the inclusiveness and sustainability of the country’s development. The share of agriculture in GDP keeps decreasing but employment in agriculture remains high, reflecting the sector’s low labour productivity. The high and rising incremental capital output ratio is a signal of inefficient investment, which is most obvious in the state sector. And the wage increase ahead of productivity deteriorates Vietnam’s competitiveness. Government policies have contributed to these problems. The agriculture sector plays an important role in food security, job creation, and is a major exporter, but receives relatively little investment. Meanwhile, the state sector accounts for a large share of total investment despite recent attempts at privatization. Restrictions in rural-urban migration hinder labour moving out of agriculture and contributing to higher labour costs in urban areas. I extend the 1-2-3 computational general equilibrium model of Devarajan et al. (1997) to include the agricultural sector, then simulate a shift in investment and government spending toward agriculture. This shift is evaluated against the stimulus package in the context of the global financial crisis in 2009. The results suggest that the stimulus package helps improve total welfare at the cost of government savings. However, the poor in the agricultural sector would have been better off if the investment policy had boosted demand for agricultural products. To assess the efficiency of state-owned enterprises (SOEs), I estimate firm-level production functions using a dynamic panel estimator on enterprise survey data over 2000-2010. The results show that SOEs have significantly lower output elasticity of capital than non-state enterprises in the three industries that SOEs have the largest market share: agriculture, mining and utilities, and financial intermediation. Within types of SOEs, the 100 per cent SOEs generally have lower output elasticity of capital than the ones having non-state investment. This implies transferring capital away from the 100 per cent SOEs and from SOEs in the three mentioned industries will help improve overall investment efficiency. I model the migration restrictions through the urban-rural wage gap. Using the enterprise survey data, I show that the urban-rural wage gap is significant even after controlling for labour qualifications. The results from my simple CGE model indicate that narrowing the wedge in urban and rural wage by relaxing migration restrictions help improve Vietnam’s competitiveness through lowering the average wage and raising labour productivity. It also helps to withdraw a sizable amount of labour out of agriculture and brings about a large welfare gain. Especially,…

Subjects/Keywords: Resource misallocation; agriculture; state-owned enterprises; rural-urban migration; Vietnam

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APA (6^th Edition):

Truong, T. T. T. (2015). Capital and labour misallocation in Vietnam . (Thesis). Australian National University. Retrieved from http://hdl.handle.net/1885/129354

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Truong, Thi Thu Trang. “Capital and labour misallocation in Vietnam .” 2015. Thesis, Australian National University. Accessed February 28, 2021. http://hdl.handle.net/1885/129354.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Truong, Thi Thu Trang. “Capital and labour misallocation in Vietnam .” 2015. Web. 28 Feb 2021.

Vancouver:

Truong TTT. Capital and labour misallocation in Vietnam . [Internet] [Thesis]. Australian National University; 2015. [cited 2021 Feb 28]. Available from: http://hdl.handle.net/1885/129354.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Truong TTT. Capital and labour misallocation in Vietnam . [Thesis]. Australian National University; 2015. Available from: http://hdl.handle.net/1885/129354

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Boston University

11. Yang, Ei. Essays on financial frictions, misallocation and development dynamics.

Degree: PhD, Economics, 2016, Boston University

URL: http://hdl.handle.net/2144/19571

► This dissertation consists of three chapters on financial friction, misallocation and development dynamics. The first chapter considers how financial frictions and mobility distortions generate the… (more)

▼ This dissertation consists of three chapters on financial friction, misallocation and development dynamics. The first chapter considers how financial frictions and mobility distortions generate the persistence of post-reform development dynamics. I build a general equilibrium model and calibrate it to China. The mobility distortion is an occupation distortion that restricts a proportion of agents to the low-productive sector. A removal of distortions triggers the transition of the economy. Using a calibrated version of the model, the transition path displays slow convergence and mimics the patterns observed in data. The mobility distortion creates high-ability, but poor, agents before the reform. This provides a channel for financial frictions to have longer effect after the reform. Compared with the literature that uses tax distortions, the economy with mobility distortions generates slower convergence. The second chapter is a welfare analysis of the well-documented depressed migrant wage in China from a dynamic perspective. The depressed migrant wage per se attracts fewer migrant workers and lowers the migrants' consumption and the aggregate output. However, it encourages urban entrepreneurs to substitute capital for labor, relaxing the effect of financial frictions. The net effect on output and consumption depends on the stage of development. Initially, it benefits the economy by speeding up TFP growth and capital accumulation in the urban sector. In the later stage, owing to low consumption of migrants, policy intervention can increase aggregate consumption and output. The third chapter investigates why the intergenerational income mobility decreases and the inequality increase for China over the past 30 years. I propose a theoretical overlapping generation model with missing capital markets, increasing the return to human capital and increasing education cost to explain these facts. After the economic reform happens, all levels of wages go up and all families accumulate and update human capital. However, the increasing education cost and credit constraint prevent the children from rural families from accumulating human capital quickly. The urban families accumulate human capital faster than the rural families. These predictions from the model are verified in the census data. Whether this process continues or not depends on the subsidy of education. Government education policy can improve the allocation of education in the economy.

Subjects/Keywords: Economics; Misallocation; Mobility; Development dynamics; Financial frictions; Hukou policy; Labor market

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APA (6^th Edition):

Yang, E. (2016). Essays on financial frictions, misallocation and development dynamics. (Doctoral Dissertation). Boston University. Retrieved from http://hdl.handle.net/2144/19571

Chicago Manual of Style (16^th Edition):

Yang, Ei. “Essays on financial frictions, misallocation and development dynamics.” 2016. Doctoral Dissertation, Boston University. Accessed February 28, 2021. http://hdl.handle.net/2144/19571.

MLA Handbook (7^th Edition):

Yang, Ei. “Essays on financial frictions, misallocation and development dynamics.” 2016. Web. 28 Feb 2021.

Vancouver:

Yang E. Essays on financial frictions, misallocation and development dynamics. [Internet] [Doctoral dissertation]. Boston University; 2016. [cited 2021 Feb 28]. Available from: http://hdl.handle.net/2144/19571.

Council of Science Editors:

Yang E. Essays on financial frictions, misallocation and development dynamics. [Doctoral Dissertation]. Boston University; 2016. Available from: http://hdl.handle.net/2144/19571

12. YANG SHANGMING. ESSAYS ON CHNA'S INDUSTRIALIZATION AND ECONOMIC GEOGRAPHY.

Degree: 2017, National University of Singapore

URL: http://scholarbank.nus.edu.sg/handle/10635/141252

Subjects/Keywords: China; Industrialization; Economic Geography; Misallocation

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APA (6^th Edition):

SHANGMING, Y. (2017). ESSAYS ON CHNA'S INDUSTRIALIZATION AND ECONOMIC GEOGRAPHY. (Thesis). National University of Singapore. Retrieved from http://scholarbank.nus.edu.sg/handle/10635/141252

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

SHANGMING, YANG. “ESSAYS ON CHNA'S INDUSTRIALIZATION AND ECONOMIC GEOGRAPHY.” 2017. Thesis, National University of Singapore. Accessed February 28, 2021. http://scholarbank.nus.edu.sg/handle/10635/141252.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

SHANGMING, YANG. “ESSAYS ON CHNA'S INDUSTRIALIZATION AND ECONOMIC GEOGRAPHY.” 2017. Web. 28 Feb 2021.

Vancouver:

SHANGMING Y. ESSAYS ON CHNA'S INDUSTRIALIZATION AND ECONOMIC GEOGRAPHY. [Internet] [Thesis]. National University of Singapore; 2017. [cited 2021 Feb 28]. Available from: http://scholarbank.nus.edu.sg/handle/10635/141252.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

SHANGMING Y. ESSAYS ON CHNA'S INDUSTRIALIZATION AND ECONOMIC GEOGRAPHY. [Thesis]. National University of Singapore; 2017. Available from: http://scholarbank.nus.edu.sg/handle/10635/141252

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

13. Ranasinghe, Ashantha. Idiosyncratic Distortions, Misallocation and TFP Losses.

Degree: 2013, University of Toronto

URL: http://hdl.handle.net/1807/35189

►

How resources are allocated across plants is crucial for understanding cross-country output and productivity differences. This thesis contributes to the growing literature on resource misallocation… (more)

Subjects/Keywords: Misallocation; Extortion; 0501

…Chapter 1 Property Rights, Extortion and the Misallocation of Talent Abstract: Motivated by… …extortion is an important channel for understanding resource misallocation. I construct a model in… …weak property rights, extortion is prevalent and resource misallocation can generate TFP and… …misallocation. Extortion a↵ects selection by altering the ability threshold required for entry into… …entrepreneurship, while misallocation occurs because entrepreneurs operate below the optimal scale. As…

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APA (6^th Edition):

Ranasinghe, A. (2013). Idiosyncratic Distortions, Misallocation and TFP Losses. (Doctoral Dissertation). University of Toronto. Retrieved from http://hdl.handle.net/1807/35189

Chicago Manual of Style (16^th Edition):

Ranasinghe, Ashantha. “Idiosyncratic Distortions, Misallocation and TFP Losses.” 2013. Doctoral Dissertation, University of Toronto. Accessed February 28, 2021. http://hdl.handle.net/1807/35189.

MLA Handbook (7^th Edition):

Ranasinghe, Ashantha. “Idiosyncratic Distortions, Misallocation and TFP Losses.” 2013. Web. 28 Feb 2021.

Vancouver:

Ranasinghe A. Idiosyncratic Distortions, Misallocation and TFP Losses. [Internet] [Doctoral dissertation]. University of Toronto; 2013. [cited 2021 Feb 28]. Available from: http://hdl.handle.net/1807/35189.

Council of Science Editors:

Ranasinghe A. Idiosyncratic Distortions, Misallocation and TFP Losses. [Doctoral Dissertation]. University of Toronto; 2013. Available from: http://hdl.handle.net/1807/35189

University of Minnesota

14. Steinberg, Joseph Bowlin. Essays in international macroeconomics.

Degree: PhD, Economics, 2013, University of Minnesota

URL: http://purl.umn.edu/159230

► This thesis is composed of two separate essays. In the first essay, I study the hypothesis that real exchange rate undervaluation can alleviate the economic… (more)

▼ This thesis is composed of two separate essays. In the first essay, I study the hypothesis that real exchange rate undervaluation can alleviate the economic symptoms of financial underdevelopment, acting as a temporary substitute for institutional reform. This hypothesis is motivated by recent empirical studies that document a link between real exchange rate undervaluation and increased growth in GDP per capita in developing countries. As further motivation I present new evidence that this effect is driven by an interaction between undervaluation and financial frictions. Using panel data on value added in manufacturing sectors at the 3-digit ISIC level for 103 countries, I find that for countries with low levels of financial development, real exchange rate undervaluation is associated with stronger growth in sectors that depend more heavily on external financing. To establish a causal relationship between undervaluation, financial development and growth and evaluate its quantitative implications I build a multi-sector semi-small open economy model with limited enforcement of financial contracts. Qualitative partial equilibrium results indicate that a government policy of subsidizing the purchase of tradeable goods undervalues the real exchange rate and loosens enforcement constraints, leading to temporary increased growth on the transition to a new steady state with higher output. The magnitude of this effect is increasing in the severity of the enforcement problem. For economies with severe enforcement problems this policy increases consumption although the quantitative effect is quite small. Misallocation of resources can cause large reductions in total factor productivity (TFP). The literature emphasizes financial frictions driven by limited contract enforcement that restrict productive firms' access to credit. Evidence suggests that information frictions also reduce access to credit, particularly in countries with weak contract enforcement. In the second essay, I study how the interaction between information frictions and limited enforcement affects resource allocation and TFP. I build a model in which lenders have imperfect information about borrowers' default risk and enforcing repayment is costly. I use the model to illustrate i) how imperfect information of this type causes misallocation, and ii) how limited enforcement exacerbates this effect. I calibrate the model and find that imperfect information causes TFP to fall by up to 23% when I take contract enforcement parameter values from U.S. data, and by up to 32% when I set them to values common in low-income countries.

Subjects/Keywords: Financial development; Growth; Information; Misallocation; Real exchange rate; Total factor productivity

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APA (6^th Edition):

Steinberg, J. B. (2013). Essays in international macroeconomics. (Doctoral Dissertation). University of Minnesota. Retrieved from http://purl.umn.edu/159230

Chicago Manual of Style (16^th Edition):

Steinberg, Joseph Bowlin. “Essays in international macroeconomics.” 2013. Doctoral Dissertation, University of Minnesota. Accessed February 28, 2021. http://purl.umn.edu/159230.

MLA Handbook (7^th Edition):

Steinberg, Joseph Bowlin. “Essays in international macroeconomics.” 2013. Web. 28 Feb 2021.

Vancouver:

Steinberg JB. Essays in international macroeconomics. [Internet] [Doctoral dissertation]. University of Minnesota; 2013. [cited 2021 Feb 28]. Available from: http://purl.umn.edu/159230.

Council of Science Editors:

Steinberg JB. Essays in international macroeconomics. [Doctoral Dissertation]. University of Minnesota; 2013. Available from: http://purl.umn.edu/159230

Clemson University

15. Zhou, Huayong. The Depressing of China's Economy: The effect of Rural – Urban Educational inequality and Absence of Land Market.

Degree: PhD, Economics, 2014, Clemson University

URL: https://tigerprints.clemson.edu/all_dissertations/1423

► This paper argues that too many workers were placed in traditional agricultural sector in China's economy after 1978. I investigate two factors which hindered… (more)

Subjects/Keywords: China; Educational inequality; Labor mobility; Land market; Misallocation; Economics

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APA (6^th Edition):

Zhou, H. (2014). The Depressing of China's Economy: The effect of Rural – Urban Educational inequality and Absence of Land Market. (Doctoral Dissertation). Clemson University. Retrieved from https://tigerprints.clemson.edu/all_dissertations/1423

Chicago Manual of Style (16^th Edition):

Zhou, Huayong. “The Depressing of China's Economy: The effect of Rural – Urban Educational inequality and Absence of Land Market.” 2014. Doctoral Dissertation, Clemson University. Accessed February 28, 2021. https://tigerprints.clemson.edu/all_dissertations/1423.

MLA Handbook (7^th Edition):

Zhou, Huayong. “The Depressing of China's Economy: The effect of Rural – Urban Educational inequality and Absence of Land Market.” 2014. Web. 28 Feb 2021.

Vancouver:

Zhou H. The Depressing of China's Economy: The effect of Rural – Urban Educational inequality and Absence of Land Market. [Internet] [Doctoral dissertation]. Clemson University; 2014. [cited 2021 Feb 28]. Available from: https://tigerprints.clemson.edu/all_dissertations/1423.

Council of Science Editors:

Zhou H. The Depressing of China's Economy: The effect of Rural – Urban Educational inequality and Absence of Land Market. [Doctoral Dissertation]. Clemson University; 2014. Available from: https://tigerprints.clemson.edu/all_dissertations/1423

Queens University

16. Chen, Qiu. The Monitoring Role of Board Directors in Not-for-Profit Organizations’ Expense Misallocation: Effects of Donors’ Evaluation Focus and Transparency of Expense Disclosures .

Degree: Management, 2011, Queens University

URL: http://hdl.handle.net/1974/6679

► Directors in not-for-profit organizations are not only monitors who ensure that financial reports are free from misreporting but also often act as fundraisers. This paper… (more)

Subjects/Keywords: Expense Misallocation of Not-for-Profit Organizations ; Directors' Monitoring Role

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APA (6^th Edition):

Chen, Q. (2011). The Monitoring Role of Board Directors in Not-for-Profit Organizations’ Expense Misallocation: Effects of Donors’ Evaluation Focus and Transparency of Expense Disclosures . (Thesis). Queens University. Retrieved from http://hdl.handle.net/1974/6679

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Chen, Qiu. “The Monitoring Role of Board Directors in Not-for-Profit Organizations’ Expense Misallocation: Effects of Donors’ Evaluation Focus and Transparency of Expense Disclosures .” 2011. Thesis, Queens University. Accessed February 28, 2021. http://hdl.handle.net/1974/6679.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Chen, Qiu. “The Monitoring Role of Board Directors in Not-for-Profit Organizations’ Expense Misallocation: Effects of Donors’ Evaluation Focus and Transparency of Expense Disclosures .” 2011. Web. 28 Feb 2021.

Vancouver:

Chen Q. The Monitoring Role of Board Directors in Not-for-Profit Organizations’ Expense Misallocation: Effects of Donors’ Evaluation Focus and Transparency of Expense Disclosures . [Internet] [Thesis]. Queens University; 2011. [cited 2021 Feb 28]. Available from: http://hdl.handle.net/1974/6679.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Chen Q. The Monitoring Role of Board Directors in Not-for-Profit Organizations’ Expense Misallocation: Effects of Donors’ Evaluation Focus and Transparency of Expense Disclosures . [Thesis]. Queens University; 2011. Available from: http://hdl.handle.net/1974/6679

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of Pennsylvania

17. Camilo Vincent, Gustavo Jose. Essays in Macroeconomics, Finance and Growth.

Degree: 2016, University of Pennsylvania

URL: https://repository.upenn.edu/edissertations/1633

► This dissertation studies the growth process from two different approaches. First, the measurement of misallocation of production inputs in China is analyzed within the context… (more)

Subjects/Keywords: Corporate Finance; Economic Growth; Investment; Misallocation; Product Cycle; Productivity; Economics

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APA (6^th Edition):

Camilo Vincent, G. J. (2016). Essays in Macroeconomics, Finance and Growth. (Thesis). University of Pennsylvania. Retrieved from https://repository.upenn.edu/edissertations/1633

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Camilo Vincent, Gustavo Jose. “Essays in Macroeconomics, Finance and Growth.” 2016. Thesis, University of Pennsylvania. Accessed February 28, 2021. https://repository.upenn.edu/edissertations/1633.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Camilo Vincent, Gustavo Jose. “Essays in Macroeconomics, Finance and Growth.” 2016. Web. 28 Feb 2021.

Vancouver:

Camilo Vincent GJ. Essays in Macroeconomics, Finance and Growth. [Internet] [Thesis]. University of Pennsylvania; 2016. [cited 2021 Feb 28]. Available from: https://repository.upenn.edu/edissertations/1633.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Camilo Vincent GJ. Essays in Macroeconomics, Finance and Growth. [Thesis]. University of Pennsylvania; 2016. Available from: https://repository.upenn.edu/edissertations/1633

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

18. Wang, Wenya. Essays on Growth and Input Misallocation in China.

Degree: 2017, University of Western Ontario

URL: https://ir.lib.uwo.ca/etd/4879

► My thesis consists of three chapters that contribute to the study of input misallocation and TFP growth in China. In Chapter 2, I compare the… (more)

▼ My thesis consists of three chapters that contribute to the study of input misallocation and TFP growth in China. In Chapter 2, I compare the misallocation of intermediate goods to those of capital and labor, which have been extensively studied in the literature. To measure misallocation, I compute the dispersion of marginal products of intermediate goods across firms, and the potential output gains by eliminating this dispersion in China Industrial Enterprise Survey (CIES) data. Although the within-industry dispersion of marginal products of intermediates is smaller than that of capital and labor, gross output and value added gains from reallocating intermediate goods are 6 and 14 times those from capital and labor reallocations. If intermediate goods, capital and labor are reallocated to equalize their marginal products, the total value added gain in the CIES is 550%, much greater than the 98% obtained under the value added approach in the literature (i.e. Hsieh and Klenow, 2009). This suggests that with its 74% revenue share and input complementarity, distortions and frictions through intermediate goods could be a promising channel to account for sizable misallocation in China’s data. I further find suggestive evidence of preorder friction: intermediate goods need half a year to pre-order, which gives rise to borrowing constraints in paying for intermediates. Similar to capital, marginal products of intermediates are found to be more dispersed among potentially constrained firms with low net worth, as one would expect if borrowing constraints exist. Motivated by the findings in Chapter 2, Chapter 3 quantifies the novel role of pre-order friction and borrowing constraints on intermediate goods in accounting for misallocation in the CIES data (Hsieh and Klenow, 2009; Brandt, Van Biesebroeck, and Zhang, 2012). With a gross output production function, I incorporate intermediate goods frictions into the firm investment model of Cooper and Haltiwanger (2006). Firms order and prepay for a fraction of intermediate goods one period in advance (pre-order), and face one borrowing constraint on capital and intermediate goods. Firms also face capital adjustment costs. I measure misallocation by the potential gross output gain as a percentage of actual gross output, if intermediate goods, capital and labor are hypothetically reallocated to equalize marginal products across firms. Over 1998-2007, gross output misallocation in the CIES data averages 140 percent. The model accounts for around 70 percent of this misallocation, when calibrated to key moments in firm-level debt, productivity and market share distribution in the CIES data. Half of the misallocation in the model is attributed to intermediate goods frictions: 34 percent from borrowing constraints, and 16 percent from pre-order. While borrowing constraints on capital induce small misallocation, capital adjustment costs account for the other half. Larger misallocation with intermediate goods frictions than without arises from its large gross output revenue share and…

Subjects/Keywords: Intermediate Goods; Gross Output Misallocation; Value Added Misallocation; Pre-Order; Borrowing Constraints; Left-Censoring; TFP Growth; Technological Growth; Intensive Reallocation; Extensive Reallocation; Growth and Development; Industrial Organization; Macroeconomics

2 more images…

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APA (6^th Edition):

Wang, W. (2017). Essays on Growth and Input Misallocation in China. (Thesis). University of Western Ontario. Retrieved from https://ir.lib.uwo.ca/etd/4879

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Wang, Wenya. “Essays on Growth and Input Misallocation in China.” 2017. Thesis, University of Western Ontario. Accessed February 28, 2021. https://ir.lib.uwo.ca/etd/4879.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Wang, Wenya. “Essays on Growth and Input Misallocation in China.” 2017. Web. 28 Feb 2021.

Vancouver:

Wang W. Essays on Growth and Input Misallocation in China. [Internet] [Thesis]. University of Western Ontario; 2017. [cited 2021 Feb 28]. Available from: https://ir.lib.uwo.ca/etd/4879.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Wang W. Essays on Growth and Input Misallocation in China. [Thesis]. University of Western Ontario; 2017. Available from: https://ir.lib.uwo.ca/etd/4879

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

UCLA

19. Li, Fanghua. Three Essays on Labor Economics.

Degree: Economics, 2018, UCLA

URL: http://www.escholarship.org/uc/item/4qh3k7d9

► This thesis contribute towards the understanding of labor economics and applied econometrics; the thesis is made up of three chapters.The first chapter explores the causal… (more)

▼ This thesis contribute towards the understanding of labor economics and applied econometrics; the thesis is made up of three chapters.The first chapter explores the causal effect of parents’ social capital on the intergenerational occupational inertia in addition to individuals’ labor market outcomes. A new data extract was constructed by re-weighting and combining the Panel Study of Income Dynamics (PSID) and the Survey of Income and Program Participation (SIPP) to correct the selection biases induced by children’s endogenous moving behaviors post-graduation. By exploiting the recent technological revolution and the resulting changes in occupational skill compositions measured by Dictionary of Titles (DOT) and its successor O*NET, it became possible to isolate the effect of inherited social capital from inherited human capital through a regression discontinuity design. Besides, a correction of the selection bias induced by the social capital advantage through children’s occupational switching patterns after the first jobs was made. The results indicate that around 30% of individuals choose the same occupation as their parents for their first job; such people rely more on their parents’ social connections in job hunting. Also, they enjoy a positive wage premium of about 5% of the percentile ranks of annual labor income for entry-level jobs but this positive effect fades away in the long-run.The second chapter studies the estimation and inference of nonlinear econometric model when the economic variables are contained in different datasets. We show that the unknown structural parameters of interest can be possibly uniquely identified if there are some common conditioning variables in different datasets. The identification result is constructive, which enables us to estimate the unknown parameters based on a simple minimum distance (MD) estimator. We study the asymptotic properties of the MD estimator and provide inference procedure. A simple model specification test on the key identification conditions is also provided.The third chapter provides an application example of the method developed in the second chapter. It is a long-standing problem in the empirical research that the economic variables are contained in different datasets. One well-accepted solution to this problem is the imputation method, which serves as a crucial step in the seminal work, Blundell, Pistaferri, and Preston (2008) studied the dynamic relationship between consumption and income, with consumption data from CEX and income data from PSID. In this chapter, we first prove that the imputation method is biased because they are significantly different from those based on true data, which is the newly available PSID from 1999 which includes both consumption and income data. Furthermore, we investigate the finite sample performance of our new method with this new PSID data and show that our method delivers comparable results with those based on the true data. We conclude that the imputation gives largely biased estimation compared to the real data…

Subjects/Keywords: Economics; Conditional Moment Restrictions; Data combination; imputation; Misallocation; Occupational Mobility; partial insurance

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APA (6^th Edition):

Li, F. (2018). Three Essays on Labor Economics. (Thesis). UCLA. Retrieved from http://www.escholarship.org/uc/item/4qh3k7d9

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Li, Fanghua. “Three Essays on Labor Economics.” 2018. Thesis, UCLA. Accessed February 28, 2021. http://www.escholarship.org/uc/item/4qh3k7d9.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Li, Fanghua. “Three Essays on Labor Economics.” 2018. Web. 28 Feb 2021.

Vancouver:

Li F. Three Essays on Labor Economics. [Internet] [Thesis]. UCLA; 2018. [cited 2021 Feb 28]. Available from: http://www.escholarship.org/uc/item/4qh3k7d9.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Li F. Three Essays on Labor Economics. [Thesis]. UCLA; 2018. Available from: http://www.escholarship.org/uc/item/4qh3k7d9

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Boston University

20. Gebresilasse, Mesay Melese. Three essays in development economics.

Degree: PhD, Economics, 2019, Boston University

URL: http://hdl.handle.net/2144/38787

► Low agricultural productivity is a persistent challenge in developing economies. In the first chapter of the dissertation, I study the concurrent but independently implemented expansion… (more)

▼ Low agricultural productivity is a persistent challenge in developing economies. In the first chapter of the dissertation, I study the concurrent but independently implemented expansion of rural roads and extension in Ethiopia to examine how access to markets and technologies affect agricultural productivity. Using geospatial data combined with large surveys and exploiting the staggered roll-out of the two programs, I show that there are strong complementarities between roads and extension. While ineffective in isolation, access to both a road and extension increases productivity. I find that roads and extension improve productivity by facilitating the take up of agricultural advice and modern inputs. Furthermore, households adjust crop choices and shift across occupations in response to their changing comparative advantages in access to markets and technologies. In the second chapter of the dissertation, co-authored with Samuel Bazzi and Martin Fiszbein, we study the long-run implications of the American frontier experience for culture and politics. We track the frontier throughout the 1790–1890 period and construct a novel, county-level measure of total frontier experience (TFE). Historically, frontier locations had distinctive demographics and greater individualism. Long after the closing of the frontier, counties with greater TFE exhibit more pervasive individualism and opposition to redistribution. We provide suggestive evidence on the roots of frontier culture: selective migration, an adaptive advantage of self-reliance, and perceived opportunities for upward mobility through effort. Overall, our findings shed new light on the frontiers persistent legacy of rugged individualism. In the third chapter of the dissertation, I use plant level census data to examine the effects of two policies designed to support prioritized sub-sectors and regions on the productivity of the Ethiopian manufacturing sector. The first policy, implemented during 1996-2002, was an activist industrial policy favoring import substitution while the second policy, active during 2003-2012, emphasized export promotion. I find that there is severe misallocation in Ethiopian manufacturing sector, but it has subsided over the studied period. The results suggest that the priority sector support policies have exacerbated the misallocation, and the within-sector variations of the policies largely account for the dispersion in revenue productivity. Advisors/Committee Members: Bazzi, Samuel (advisor).

Subjects/Keywords: Economics; Agricultural roductivity; Applied microeconomics; Development economics; Frontier; Misallocation; Roads and agricultural extension

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APA (6^th Edition):

Gebresilasse, M. M. (2019). Three essays in development economics. (Doctoral Dissertation). Boston University. Retrieved from http://hdl.handle.net/2144/38787

Chicago Manual of Style (16^th Edition):

Gebresilasse, Mesay Melese. “Three essays in development economics.” 2019. Doctoral Dissertation, Boston University. Accessed February 28, 2021. http://hdl.handle.net/2144/38787.

MLA Handbook (7^th Edition):

Gebresilasse, Mesay Melese. “Three essays in development economics.” 2019. Web. 28 Feb 2021.

Vancouver:

Gebresilasse MM. Three essays in development economics. [Internet] [Doctoral dissertation]. Boston University; 2019. [cited 2021 Feb 28]. Available from: http://hdl.handle.net/2144/38787.

Council of Science Editors:

Gebresilasse MM. Three essays in development economics. [Doctoral Dissertation]. Boston University; 2019. Available from: http://hdl.handle.net/2144/38787

University of Toronto

21. Cao, Jie. Three Essays in Macroeconomics.

Degree: PhD, 2016, University of Toronto

URL: http://hdl.handle.net/1807/72930

► This thesis consists of three chapters. Chapter 1 studies a life-cycle pattern of female labor supply (hours per woman) in Japan. It exhibits an "M"… (more)

▼ This thesis consists of three chapters. Chapter 1 studies a life-cycle pattern of female labor supply (hours per woman) in Japan. It exhibits an "M" shape with the second peak lower than the first one. Employing a micro-data set, I show that the pattern can be understood as a result of labor supply behavioral differences across different types of women and demographic composition changes along the life cycle. I then build a life-cycle model featuring transitions between heterogeneous types of women, human capital accumulation and childcare cost. The calibrated model accounts for the aggregate pattern well. Counterfactual experiments suggest that narrowing gender wage gap would have a larger positive effect on female labor supply than lowering childcare cost, a result mostly explained by the human capital channel. Chapter 2 studies the links between idiosyncratic distortions and potential aggregate losses. Under the economic environment of Restuccia et al. (2008) (RR), I characterize analytically the mappings from distortions to total factor productivity (TFP) and other aggregate measures. Using these mappings, I explain in a unified way three features emerged from RR's numerical experiments, where endogenous exit of firms is assumed away and distortions are restricted so as to have no impact on capital accumulation. Additionally, I explain why these features disappear when distortions affect capital accumulation. I then extend RR's study by introducing the endogenous exit margin and find that various aggregate losses can respond to this margin quite differently. Chapter 3 studies financial frictions and resource misallocation in China's manufacturing sector. I emphasize two aspects of the financial frictions in the Chinese context. One is credit discrimination: Unproductive state-owned enterprises (SOEs) have easy access to credit while productive non-SOEs are credit constrained. The other is that the credit constraint faced by non-SOEs is much tighter than those in financially developed countries. Using a firm-level data set, I find that a potential 24% TFP gain can be achieved if the credit constraint faced by non-SOEs is at a level similar to the one in the US, and that 53% of the gain can be attributed to improved allocations between SOEs and non-SOEs. Advisors/Committee Members: Zhu, Xiaodong, Economics.

Subjects/Keywords: childcare cost; female labor supply; financial friction; gender wage gap; human capital; resource misallocation; 0501

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APA (6^th Edition):

Cao, J. (2016). Three Essays in Macroeconomics. (Doctoral Dissertation). University of Toronto. Retrieved from http://hdl.handle.net/1807/72930

Chicago Manual of Style (16^th Edition):

Cao, Jie. “Three Essays in Macroeconomics.” 2016. Doctoral Dissertation, University of Toronto. Accessed February 28, 2021. http://hdl.handle.net/1807/72930.

MLA Handbook (7^th Edition):

Cao, Jie. “Three Essays in Macroeconomics.” 2016. Web. 28 Feb 2021.

Vancouver:

Cao J. Three Essays in Macroeconomics. [Internet] [Doctoral dissertation]. University of Toronto; 2016. [cited 2021 Feb 28]. Available from: http://hdl.handle.net/1807/72930.

Council of Science Editors:

Cao J. Three Essays in Macroeconomics. [Doctoral Dissertation]. University of Toronto; 2016. Available from: http://hdl.handle.net/1807/72930

University of Kentucky

22. Chen, Guowen. POLICY, AGGREGATE PRODUCTIVITY AND MISALLOCATION.

Degree: 2019, University of Kentucky

URL: https://uknowledge.uky.edu/economics_etds/42

► This dissertation explores the effects of factors such as industrial policy and listing on the stock market on manufacturing firms’ profitability and productivity. The second… (more)

▼ This dissertation explores the effects of factors such as industrial policy and listing on the stock market on manufacturing firms’ profitability and productivity. The second chapter investigates the effect of industrial policies on misallocation using a rich data-set of Chinese firms. Using a difference-in-difference approach, I provide evidence that government policies (i.e. the 10th Five Year Plan) favoring particular industries lead to increased misallocation (i.e., an increase in the dispersion of revenue productivity across firms in four-digit industries). Moreover, the differential changes between industries supported and not supported by the 10th Five Year Plan are quantitatively large and indicative of a substantial negative impact on aggregate TFP. Using a changes-in-changes model, I find evidence that the Five Year Plan had a positive and significant effect for most of the TFPR distribution while the effect was negative for the lowest quintile of TFPQ and positive for the highest TFPQ quintile. The results suggest increased misallocation is related to the way in which the Chinese government doled out support through the increase of subsidies and the improvement of credit conditions for a subset of firms. In the third chapter, I study the heterogeneous effects of an industrial policy -the 10th Five Year Plan on misallocation, profitability and real technology in Chinese provinces with different mix of supported intensities. I find that the 10th Five Year Plan increased misallocation, profitability and technology of supported industries in provinces with higher supporting intensities. After controlling the effects of China’s state-owned enterprise (SOE) reforms and joining into World Trade Organization (WTO), the results are still robust and consistent. In the fourth chapter, I investigate the effects of listing on the stock market on firm’s profitability and technology. Using Chinese firm level data, I identify listing firms, and compute revenue productivity and physical productivity to measure profitability and technology, respectively. To deal with the endogenous problem of listing, I use the number of investment banks as instrument variable. With a difference-in-difference model, I find that listing increases firm’s profitability and technology. Empirical findings also reveal that listing changes characteristics of firms, such as asset, liability and capital structure.

Subjects/Keywords: Misallocation; industrial policy; listing; profitability; technology; Finance; Growth and Development; Macroeconomics; Public Economics

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APA (6^th Edition):

Chen, G. (2019). POLICY, AGGREGATE PRODUCTIVITY AND MISALLOCATION. (Doctoral Dissertation). University of Kentucky. Retrieved from https://uknowledge.uky.edu/economics_etds/42

Chicago Manual of Style (16^th Edition):

Chen, Guowen. “POLICY, AGGREGATE PRODUCTIVITY AND MISALLOCATION.” 2019. Doctoral Dissertation, University of Kentucky. Accessed February 28, 2021. https://uknowledge.uky.edu/economics_etds/42.

MLA Handbook (7^th Edition):

Chen, Guowen. “POLICY, AGGREGATE PRODUCTIVITY AND MISALLOCATION.” 2019. Web. 28 Feb 2021.

Vancouver:

Chen G. POLICY, AGGREGATE PRODUCTIVITY AND MISALLOCATION. [Internet] [Doctoral dissertation]. University of Kentucky; 2019. [cited 2021 Feb 28]. Available from: https://uknowledge.uky.edu/economics_etds/42.

Council of Science Editors:

Chen G. POLICY, AGGREGATE PRODUCTIVITY AND MISALLOCATION. [Doctoral Dissertation]. University of Kentucky; 2019. Available from: https://uknowledge.uky.edu/economics_etds/42

Utah State University

23. Fullerton, Herbert H. Transfer Restrictions and Misallocation of Irrigation Water.

Degree: MS, Applied Economics, 1966, Utah State University

URL: https://digitalcommons.usu.edu/etd/2840

► Water is among the most abundant of all materials known to man. In all its various forms, water covers 75 percent of the earth's… (more)

Subjects/Keywords: Irrigation Water; Restrictions; Misallocation; Agricultural Economics

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APA (6^th Edition):

Fullerton, H. H. (1966). Transfer Restrictions and Misallocation of Irrigation Water. (Masters Thesis). Utah State University. Retrieved from https://digitalcommons.usu.edu/etd/2840

Chicago Manual of Style (16^th Edition):

Fullerton, Herbert H. “Transfer Restrictions and Misallocation of Irrigation Water.” 1966. Masters Thesis, Utah State University. Accessed February 28, 2021. https://digitalcommons.usu.edu/etd/2840.

MLA Handbook (7^th Edition):

Fullerton, Herbert H. “Transfer Restrictions and Misallocation of Irrigation Water.” 1966. Web. 28 Feb 2021.

Vancouver:

Fullerton HH. Transfer Restrictions and Misallocation of Irrigation Water. [Internet] [Masters thesis]. Utah State University; 1966. [cited 2021 Feb 28]. Available from: https://digitalcommons.usu.edu/etd/2840.

Council of Science Editors:

Fullerton HH. Transfer Restrictions and Misallocation of Irrigation Water. [Masters Thesis]. Utah State University; 1966. Available from: https://digitalcommons.usu.edu/etd/2840

24. Shenoy, Ajay. Three Misallocations.

Degree: PhD, Economics, 2014, University of Michigan

URL: http://hdl.handle.net/2027.42/107062

► I study three forms of misallocation that distort production and lower aggregate economic output. Imperfect markets and imperfect governance are hallmarks of a developing country.… (more)

▼ I study three forms of misallocation that distort production and lower aggregate economic output. Imperfect markets and imperfect governance are hallmarks of a developing country. I assess whether the misallocation caused by such imperfections might explain why developing countries remain poor. My first chapter develops a method to measure and separate the production misallocation caused by factor and financial market failures. When I apply the method to rice farming villages in Thailand I find surprisingly little misallocation. Optimal reallocation would increase output in most villages by less than 15 percent. By 2006 most misallocation comes from factor market failures. I derive a decomposition of aggregate growth that accounts for misallocation. Declining misallocation contributes little to growth compared to factor accumulation and rising farm productivity. I use a government credit intervention to test my measures. I confirm that credit causes a statistically significant decrease in only financial market misallocation. My second chapter studies why the poor have so many economic activities. According to one theory the poor do not specialize because relying on one income source is risky. I test the theory by measuring the response of Thai rice farmers to conditional volatility in the international rice price. Households expecting a harvest take on an extra activity when the volatility rises by 21 percent. I confirm the decrease in specialization costs households foregone revenue. I find no evidence for the alternate explanation that households under-specialize because they cannot afford lumpy business investments. My third chapter builds a model in which bureaucrats favor firms aligned with one political faction. Though they charge such firms fewer bribes the optimal bribe does not distort production in their favor. I test the notion by studying the politics of caste in Indian village councils. I exploit a regression discontinuity created by close elections for council president. Farmers of the same caste as a candidate who barely won are far less likely to have to bribe a bureaucrat than farmers of a caste that barely lost. But I find no evidence that winners use more inputs or produce more output. Advisors/Committee Members: Arunachalam, Raj (committee member), Lam, David A. (committee member), Adhvaryu, Achyuta Rasendra (committee member), House, Christopher L. (committee member), Ackerberg, Daniel A. (committee member).

Subjects/Keywords: Misallocation; Production; Development Economics; Economics; Business

…Correlation Between Village Misallocation and Sample Size… …LIST OF APPENDICES A Appendix: Market Failures and Misallocation… …CHAPTER 1 Market Failures and Misallocation: Separating the Costs of Factor and Financial… …allocations were perfect. Yet their study cannot tell where the observed misallocation comes from… …they know what frictions cause misallocation. I develop a method to measure and separate the…

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APA (6^th Edition):

Shenoy, A. (2014). Three Misallocations. (Doctoral Dissertation). University of Michigan. Retrieved from http://hdl.handle.net/2027.42/107062

Chicago Manual of Style (16^th Edition):

Shenoy, Ajay. “Three Misallocations.” 2014. Doctoral Dissertation, University of Michigan. Accessed February 28, 2021. http://hdl.handle.net/2027.42/107062.

MLA Handbook (7^th Edition):

Shenoy, Ajay. “Three Misallocations.” 2014. Web. 28 Feb 2021.

Vancouver:

Shenoy A. Three Misallocations. [Internet] [Doctoral dissertation]. University of Michigan; 2014. [cited 2021 Feb 28]. Available from: http://hdl.handle.net/2027.42/107062.

Council of Science Editors:

Shenoy A. Three Misallocations. [Doctoral Dissertation]. University of Michigan; 2014. Available from: http://hdl.handle.net/2027.42/107062

Pontifical Catholic University of Rio de Janeiro

25. GUILHERME NEVES SILVEIRA. [en] CREDIT CRUNCHES AND INEQUALITY DYNAMICS.

Degree: 2018, Pontifical Catholic University of Rio de Janeiro

URL: http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=34856

►

[pt] Eu desenvolvo um modelo de empreendedorismo com escolha ocupacional em que os agentes se deparam com restrições ao crédito. Eu mostro que em economias… (more)

Subjects/Keywords: [pt] EMPREENDEDORISMO; [en] ENTERPRISING; [pt] DESIGUALDADE DE RIQUEZA; [en] WEALTH INEQUALITY; [pt] MA-ALOCACAO; [en] MISALLOCATION

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APA (6^th Edition):

SILVEIRA, G. N. (2018). [en] CREDIT CRUNCHES AND INEQUALITY DYNAMICS. (Thesis). Pontifical Catholic University of Rio de Janeiro. Retrieved from http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=34856

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

SILVEIRA, GUILHERME NEVES. “[en] CREDIT CRUNCHES AND INEQUALITY DYNAMICS.” 2018. Thesis, Pontifical Catholic University of Rio de Janeiro. Accessed February 28, 2021. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=34856.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

SILVEIRA, GUILHERME NEVES. “[en] CREDIT CRUNCHES AND INEQUALITY DYNAMICS.” 2018. Web. 28 Feb 2021.

Vancouver:

SILVEIRA GN. [en] CREDIT CRUNCHES AND INEQUALITY DYNAMICS. [Internet] [Thesis]. Pontifical Catholic University of Rio de Janeiro; 2018. [cited 2021 Feb 28]. Available from: http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=34856.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

SILVEIRA GN. [en] CREDIT CRUNCHES AND INEQUALITY DYNAMICS. [Thesis]. Pontifical Catholic University of Rio de Janeiro; 2018. Available from: http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=34856

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

26. Zaourak, Gabriel Roberto. Essays on Financial Crises and Misallocation.

Degree: Economics, 2017, UCLA

URL: http://www.escholarship.org/uc/item/64k099c8

► The following essays contribute towards our understanding of nancial crises and developmentdynamics. The dissertation is composed of three chapters.Chapter one – Lobbying for Capital Tax Benefits… (more)

▼ The following essays contribute towards our understanding of nancial crises and developmentdynamics. The dissertation is composed of three chapters.Chapter one – Lobbying for Capital Tax Benefits and Misallocation of Resources During Credit CrunchesCorporations often have strong incentives to exert influence on the tax code and obtain additional tax benefits through lobbying. For the U.S. 2007-2009 financial crisis, I show that lobbying activity intensified, driven by large firms in sectors that depend more on external finance. Using a heterogeneous agent model with financial frictions and endogenous lobbying, I study the aggregate consequences of this rise in lobbying activity. When calibrated to U.S. micro data, the model generates an increase in lobbying that matches both the magnitude and the cross-sector and within-sector variation observed in the data. I find that lobbying for capital tax benefits, together with financial frictions, can account for 80 % of the decline in output and almost all the drop in total factor productivity observed during the crisis for the non-financial corporate sector. Relative to an economy without lobbying, this mechanism increases the dispersion in the marginal product of capital and amplifies the credit shock, leading to a one-third larger decline in output. I also study the long run effects of lobbying. Restricting lobbying implies welfare gains of 0.3 % after considering the transitional dynamics to the new steady state.Chapter 2 – Market Power and Aggregate Efficiency in Financial CrisesIn joint work with Fernando Giuliano, we document that during financial crises in emerging economies, large firms become relatively larger and small firms become relatively smaller. What are the aggregate consequences of the resulting increase in market concentration? We answer this question quantitatively with a model where firms are able to exploit their market power through heterogeneous markups. Financial frictions take the form of a collateral constraint that gets tighter during a financial crisis. We discipline the model using detailed plant-level microdata for Colombia, and analyze the transition dynamics of an economy as it adjust to a credit crunch. We find that when firms are able to adjust their markups in response to a credit shock, the response of aggregate output and productivity is dampened. Variable markups act as a buffer that partially offsets the misallocation triggered by a financial crisis. This follows from adjustments at both the intensive and extensive margins. Chapter 3 – Innovation Effort in a Model of Financial Frictions: The Case of ReformsThe last chapter is part of an ongoing project to explore the role of innovation as a key ingredient to capture development dynamics of the growth miracles in the East of Asia. During the second half of the last century those economies carried out a rapid dismantling of distortions affecting the size of firms that led to a reallocation of resources. This, together with a slow financial liberalization, created the conditions for…

Subjects/Keywords: Economics; Financial Crises; Macro Development; Macroeconomics; Misallocation

…Contents 1 Lobbying for Capital Tax Benefits and Misallocation of Resources During Credit… …3.3.2 Productivity, Misallocation Parameters and Financial Frictions . . . . 175… …Value Function without Misallocation . . . . . . . . . . . . . . . . . . . . . . 183 3.2… …Optimal Policy Rule for Assets without Misallocation . . . . . . . . . . . . . 183 3.3 Optimal… …Policy Rule for Consumption without Misallocation . . . . . . . . . 184 xii 3.4 Optimal…

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APA (6^th Edition):

Zaourak, G. R. (2017). Essays on Financial Crises and Misallocation. (Thesis). UCLA. Retrieved from http://www.escholarship.org/uc/item/64k099c8

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Zaourak, Gabriel Roberto. “Essays on Financial Crises and Misallocation.” 2017. Thesis, UCLA. Accessed February 28, 2021. http://www.escholarship.org/uc/item/64k099c8.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Zaourak, Gabriel Roberto. “Essays on Financial Crises and Misallocation.” 2017. Web. 28 Feb 2021.

Vancouver:

Zaourak GR. Essays on Financial Crises and Misallocation. [Internet] [Thesis]. UCLA; 2017. [cited 2021 Feb 28]. Available from: http://www.escholarship.org/uc/item/64k099c8.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Zaourak GR. Essays on Financial Crises and Misallocation. [Thesis]. UCLA; 2017. Available from: http://www.escholarship.org/uc/item/64k099c8

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

27. F. Crucitti. HETEROGENEOUS FIRMS MODELS AND FINANCIAL MARKET FRICTIONS.

Degree: 2019, Università degli Studi di Milano

URL: http://hdl.handle.net/2434/613188

► The common thread in this thesis is represented by general equilibrium models with heterogeneous firms. Initiated by Huggett (1993) and Aiyagari (1994), a strand of… (more)

Subjects/Keywords: heterogeneous agents; credit crunch; productivity process; declining labor share; misallocation; Settore SECS-P/01 - Economia Politica

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APA (6^th Edition):

Crucitti, F. (2019). HETEROGENEOUS FIRMS MODELS AND FINANCIAL MARKET FRICTIONS. (Thesis). Università degli Studi di Milano. Retrieved from http://hdl.handle.net/2434/613188

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Crucitti, F.. “HETEROGENEOUS FIRMS MODELS AND FINANCIAL MARKET FRICTIONS.” 2019. Thesis, Università degli Studi di Milano. Accessed February 28, 2021. http://hdl.handle.net/2434/613188.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Crucitti, F.. “HETEROGENEOUS FIRMS MODELS AND FINANCIAL MARKET FRICTIONS.” 2019. Web. 28 Feb 2021.

Vancouver:

Crucitti F. HETEROGENEOUS FIRMS MODELS AND FINANCIAL MARKET FRICTIONS. [Internet] [Thesis]. Università degli Studi di Milano; 2019. [cited 2021 Feb 28]. Available from: http://hdl.handle.net/2434/613188.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Crucitti F. HETEROGENEOUS FIRMS MODELS AND FINANCIAL MARKET FRICTIONS. [Thesis]. Università degli Studi di Milano; 2019. Available from: http://hdl.handle.net/2434/613188

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

28. Li, Jiaqi. Essays on the Macroeconomic Effects of Imperfect Banking Competition and Other Financial Frictions.

Degree: PhD, 2019, University of Cambridge

URL: https://www.repository.cam.ac.uk/handle/1810/297657

► In this thesis, I study the effects of financial frictions and in particular, imperfect banking competition, on different macroeconomic aspects. The thesis consists of a… (more)

▼ In this thesis, I study the effects of financial frictions and in particular, imperfect banking competition, on different macroeconomic aspects. The thesis consists of a short introductory chapter and three papers. The first paper investigates the impact of imperfect banking competition on aggregate fluctuations in a dynamic stochastic general equilibrium (DSGE) framework. Following the global financial crisis, there has been an increasing focus on incorporating financial frictions into a DSGE model, often by introducing an agency problem which serves to amplify macroeconomic shocks. This paper examines the impact of another important financial friction, imperfect competition in banking, on aggregate fluctuations by incorporating a Cournot banking sector into a DSGE model that features an agency problem that gives rise to collateral constraints. In the presence of a binding collateral constraint, imperfect banking competition is found to have an amplification effect on aggregate fluctuations after a contractionary monetary policy shock and adverse collateral shocks. Adverse shocks that make borrowers more financially constrained and their loan demand more inelastic can induce banks with market power to raise the loan rate, resulting in a countercyclical loan interest margin that amplifies aggregate fluctuations. The second paper studies how imperfect competition in the banking sector affects financial stability. By building a model of imperfect banking competition featuring the accumulation of bank equity via retained earnings, I find that bank competition can have different short-run and long-run effects on financial stability. In the short run, less competition can jeopardize stability as it increases banks’ loan assets and thus lowers their equity-to-assets ratios (equity ratios), making them more likely to default. In the long run, less competition tends to enhance stability as banks make higher profits and accumulate equity faster over time, resulting in higher equity ratios and hence lower bank default probabilities. The extent of this long-run stability gain from less competition and whether the stability gain outweighs the efficiency loss crucially depend on banks’ dividend distribution or macroprudential policies. Empirically, I find two sets of supporting evidence for the model predictions using a large bank-level panel from EU and OECD countries spanning around 15 years. First, bank concentration, an inverse measure for competition, has a significant positive effect on the change in bank equity. Second, banks’ equity ratios are found to be negatively related to their default probabilities, which are proxied by credit default swap spreads. In the third paper, I study the impact of financial frictions in the form of borrowing constraints on the efficient allocation of physical capital. While it is widely perceived that financial frictions have adverse impact on capital allocation, the importance of this impact is difficult to quantify. This paper presents a novel two-step approach to estimate the importance…

Subjects/Keywords: imperfect banking competition; financial frictions; macroeconomic volatility; financial stability; capital misallocation; DSGE; panel data; switching regression

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APA (6^th Edition):

Li, J. (2019). Essays on the Macroeconomic Effects of Imperfect Banking Competition and Other Financial Frictions. (Doctoral Dissertation). University of Cambridge. Retrieved from https://www.repository.cam.ac.uk/handle/1810/297657

Chicago Manual of Style (16^th Edition):

Li, Jiaqi. “Essays on the Macroeconomic Effects of Imperfect Banking Competition and Other Financial Frictions.” 2019. Doctoral Dissertation, University of Cambridge. Accessed February 28, 2021. https://www.repository.cam.ac.uk/handle/1810/297657.

MLA Handbook (7^th Edition):

Li, Jiaqi. “Essays on the Macroeconomic Effects of Imperfect Banking Competition and Other Financial Frictions.” 2019. Web. 28 Feb 2021.

Vancouver:

Li J. Essays on the Macroeconomic Effects of Imperfect Banking Competition and Other Financial Frictions. [Internet] [Doctoral dissertation]. University of Cambridge; 2019. [cited 2021 Feb 28]. Available from: https://www.repository.cam.ac.uk/handle/1810/297657.

Council of Science Editors:

Li J. Essays on the Macroeconomic Effects of Imperfect Banking Competition and Other Financial Frictions. [Doctoral Dissertation]. University of Cambridge; 2019. Available from: https://www.repository.cam.ac.uk/handle/1810/297657

Arizona State University

29. Xi, Xican. Essays in Misallocation and Economic Development.

Degree: Economics, 2016, Arizona State University

URL: http://repository.asu.edu/items/38736

Subjects/Keywords: Economics; Aggregate Productivity; Development; Firm Dynamics; Misallocation; Pollution

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Xi, X. (2016). Essays in Misallocation and Economic Development. (Doctoral Dissertation). Arizona State University. Retrieved from http://repository.asu.edu/items/38736

Chicago Manual of Style (16^th Edition):

Xi, Xican. “Essays in Misallocation and Economic Development.” 2016. Doctoral Dissertation, Arizona State University. Accessed February 28, 2021. http://repository.asu.edu/items/38736.

MLA Handbook (7^th Edition):

Xi, Xican. “Essays in Misallocation and Economic Development.” 2016. Web. 28 Feb 2021.

Vancouver:

Xi X. Essays in Misallocation and Economic Development. [Internet] [Doctoral dissertation]. Arizona State University; 2016. [cited 2021 Feb 28]. Available from: http://repository.asu.edu/items/38736.

Council of Science Editors:

Xi X. Essays in Misallocation and Economic Development. [Doctoral Dissertation]. Arizona State University; 2016. Available from: http://repository.asu.edu/items/38736

Arizona State University

30. Krukava, Nastassia. Essays on Distortionary Effects of Employer-Sponsored Health Insurance.

Degree: Economics, 2017, Arizona State University

URL: http://repository.asu.edu/items/44057

Subjects/Keywords: Economics; Employer-Sponsored Health Insurance; Firm Dynamics; Misallocation

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Krukava, N. (2017). Essays on Distortionary Effects of Employer-Sponsored Health Insurance. (Doctoral Dissertation). Arizona State University. Retrieved from http://repository.asu.edu/items/44057

Chicago Manual of Style (16^th Edition):

Krukava, Nastassia. “Essays on Distortionary Effects of Employer-Sponsored Health Insurance.” 2017. Doctoral Dissertation, Arizona State University. Accessed February 28, 2021. http://repository.asu.edu/items/44057.

MLA Handbook (7^th Edition):

Krukava, Nastassia. “Essays on Distortionary Effects of Employer-Sponsored Health Insurance.” 2017. Web. 28 Feb 2021.

Vancouver:

Krukava N. Essays on Distortionary Effects of Employer-Sponsored Health Insurance. [Internet] [Doctoral dissertation]. Arizona State University; 2017. [cited 2021 Feb 28]. Available from: http://repository.asu.edu/items/44057.

Council of Science Editors:

Krukava N. Essays on Distortionary Effects of Employer-Sponsored Health Insurance. [Doctoral Dissertation]. Arizona State University; 2017. Available from: http://repository.asu.edu/items/44057

Open Access Theses and Dissertations