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BEGIN:VEVENT
UID:182053245135a2d352779d7b381e0e63
CATEGORIES:Seminars
CREATED:20180918T140405
SUMMARY:Matthias Kehrig - Duke University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong><span style="font-size: 11pt; font-
 family: 'Calibri','sans-serif';">Good Dispersion, Bad Dispersion</span></st
 rong><span style="font-size: 11pt; font-family: 'Calibri','sans-serif';"> (
 joint with Nicolas Vincent)</span></p><p style="text-align: justify;"><span
  style="font-size: 11pt; font-family: 'Calibri','sans-serif';">Abstract:</s
 pan></p><p style="text-align: justify;"><span style="font-size: 11pt; font-
 family: 'Calibri','sans-serif';">Dispersion of marginal revenue products of
  inputs across firms are commonly thought to reflect misallocation. Consist
 ent with that view, aggregate output monotonically declines in dispersion. 
 We show that non-convex distortions to a firm's problem, however, break thi
 s monotonicity such that dispersion and efficiency are related in an invert
 ed U-shaped fashion. Eliminating distortions may thus increase dispersion o
 f marginal revenue products while improving the allocation and raising outp
 ut. In a quantitative model of the U.S. manufacturing sector, we find that 
 one quarter of the total variance of revenue products reflects “good disper
 sion,” while only the remaining three quarters are “bad dispersion” reflect
 ing inefficient distortions. An important implication of this insight is th
 at the welfare effects of eliminating distortions in emerging economies are
  larger than previously thought.</span></p>
DTSTAMP:20260403T183731Z
DTSTART:20190401T163000Z
DTEND:20190401T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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