Investment Frictions and the Aggregate Output Loss in China
利用资本调整成本框架，估计中国实际总产出与无摩擦情形下的差距。通过模拟矩方法估计企业投资模型，发现若调整成本降至美国水平，中国总产出可提高25%。
Abstract Investment frictions reduce, delay or protract investment expenditure that is necessary for firms to capture growth opportunities. Using a capital adjustment costs framework, this article estimates the gap between China's actual and frictionless aggregate output. It applies the method of simulated moments to a fully structural investment model on a panel of Chinese firms and takes into account potential unobserved heterogeneities and measurement error in the data. The estimated capital adjustment costs imply that if Chinese firms had faced a lower level of adjustment costs such as in the US, China's aggregate output would be 25% higher.