Productivity Losses from Financial Frictions: Can Self-Financing Undo Capital Misallocation?
构建了一个易于处理的一般均衡模型，研究金融摩擦如何通过抵押约束导致资本错配和生产率损失，发现冲击的持续性决定了稳态损失大小和转型速度。
I develop a highly tractable general equilibrium model in which heterogeneous producers face collateral constraints, and study the effect of financial frictions on capital misallocation and aggregate productivity. My economy is isomorphic to a Solow model but with time-varying TFP. I argue that the persistence of idiosyncratic productivity shocks determines both the size of steady-state productivity losses and the speed of transitions: if shocks are persistent, steady-state losses are small but transitions are slow. Even if financial frictions are unimportant in the long run, they tend to matter in the short run and analyzing steady states only can be misleading.