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12月12日,陈志远(美国宾州州立大学经济系博士候选人)
发布时间:2019-12-05   发布人:zs   点击数:7494

报告人:陈志远,美国宾州州立大学经济系博士候选人

时间:2019年12月12日(周四)下午3:30-5:00

地点:博学楼1222

报告题目: Finance, R&D Investment, and TFP Dynamics(Job market Paper)

摘要:This paper investigates the role of R&D investment in shaping the relationship between financial constraints and aggregate total factor productivity (TFP). I study a dynamic model in which R&D investment, which affects productivity evolution endogenously, is subject to financial constraints. I parameterize the model with production, innovation, and balance sheet data. The estimated model implies sizeable static TFP losses caused by capital misallocation and dynamic TFP losses from distorting R&D investment. The effect of R&D on productivity persists over time, causing the dynamic TFP loss to rise, initially. Over time, the accumulation of internal funds reduces both static and dynamic TFP losses, but innovation incentives undermine the efficacy of self-financing for reducing TFP losses and prolong the transition. Financial reform shows up as larger wedges of efficiency and output, and a credit crunch has a more long-lasting consequence when I consider endogenous productivity growth. Improving the pledgeability of intangible assets in China to be as it is in the US will reduce static TFP loss by 0.4% and dynamic TFP loss by 7.1%.

报告人简介:陈志远,将于2020年获得宾州州立大学经济学博士学位,2017年获得中国人民大学经济学硕士学位,2013年获得中国人民大学经济学学士学位。研究领域是产业经济学、国际贸易和发展经济学。研究兴趣包括企业创新、生产率测算和中国经济。研究成果发表于European Economic Review, Economic Modelling, International Review of Economics & Finance, 经济研究,经济学(季刊),世界经济等刊物。论文曾获第七届张培刚发展经济学优秀论文奖和第18届安子介国际贸易论文三等奖。

 

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