Financial Frictions, Capital Misallocation, and Input-Output Linkages
研究了投入产出关联如何放大部门金融扭曲对整体经济的影响，发现系统性不确定性冲击会降低配置效率与全要素生产率，而部门特有冲击则可能改善配置效率。
I study how input-output linkages amplify the aggregate impact of sectoral financial distortions in a dynamic general equilibrium model with endogenous capital wedges. The aggregate impact of a shock can be decomposed into weighted productivity changes and changes in allocative efficiency. A systematic uncertainty shock induces heterogenous responses in sectoral capital wedges, reducing allocative efficiency and aggregate total factor productivity (TFP). However, idiosyncratic sectoral uncertainty shocks may improve allocative efficiency and raise TFP. I then calibrate the model to US data. The network amplification magnitude on aggregate TFP ranges from 1.58 to 1.7.