ABSTRACT

The previous study by Buera and Shin develop a dynamic general equilibrium model where financial constraints affect resource allocation across heterogeneous agents and therefore total factor productivity (TFP). The present article raises the issue that concerns their calibration approach. While the model allows for endogenous entry and exit of producers, its simulated moments on labour reallocation along the intensive and extensive margins are not consistent with the relevant data. Then a modified version of the model that is consistent with the data is proposed. The modified model predicts that TFP losses from financial constraints are smaller. Based on the findings, this article argues that statistics on labour reallocation along the intensive and extensive margins should be moments which help to discipline the model with endogenous entry and exit.

摘要

Buera 和 Shin 之前的研究开发了一个动态一般均衡模型，其中金融约束影响跨异质代理的资源分配，从而影响全要素生产率 (TFP)。本文提出了与他们的校准方法有关的问题。虽然该模型允许生产者的内生进入和退出，但其模拟的集约和粗放边际劳动力重新分配时刻与相关数据不一致。然后提出与数据一致的模型修改版本。修改后的模型预测财务约束导致的 TFP 损失较小。根据调查结果，