Firm‐Specific Learning and the Investment Behavior of Large and Small Firms*
构建模型研究企业通过生产经验学习自身生产率的过程，发现年轻小企业对宏观冲击反应过度，这种差异在完美金融市场下也会出现，挑战了传统归因于金融摩擦的观点。
We examine a model of size distribution and growth of firms where firms learn about idiosyncratic productivity parameters through their production experience. Aggregate shocks, by adding noise to learning at the firm level, can produce different responses across firms. In particular, young firms, which are smaller on average than older firms and more uncertain about their productivity, can “overreact” to aggregate shocks. Such differences across firm sizes and ages, which arise here in a model with perfect financial markets, are often attributed to financial frictions that hit small and large firms differently.