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UID:182053245135a2d352779d7b381e0e63
CATEGORIES:Seminars
CREATED:20180918T140405
SUMMARY:Matthias Kehrig - Duke University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Good Dispersion, Bad Dispersion (joint with Nicolas Vincent)\nAbstract:\nDi
 spersion of marginal revenue products of inputs across firms are commonly t
 hought to reflect misallocation. Consistent with that view, aggregate outpu
 t monotonically declines in dispersion. We show that non-convex distortions
  to a firm's problem, however, break this monotonicity such that dispersion
  and efficiency are related in an inverted U-shaped fashion. Eliminating di
 stortions may thus increase dispersion of marginal revenue products while i
 mproving the allocation and raising output. In a quantitative model of the 
 U.S. manufacturing sector, we find that one quarter of the total variance o
 f revenue products reflects “good dispersion,” while only the remaining thr
 ee quarters are “bad dispersion” reflecting inefficient distortions. An imp
 ortant implication of this insight is that the welfare effects of eliminati
 ng distortions in emerging economies are larger than previously thought.\n
DTSTAMP:20260403T195442Z
DTSTART:20190401T163000Z
DTEND:20190401T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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