We construct a firm-dynamics framework to evaluate the impact of the enforcement of contracts between final goods producers and intermediate goods suppliers on firm life-cycle growth, technology accumulation, and aggregate productivity. We show that contractual incompleteness implies a wedge on profits, which disincentives technology accumulation and is potentially correlated with technology, in addition to wedges on production decisions. In our model we find that contract enforcement accounts for differences in output per worker of 22 percent when we compare India to the U.S. The impact on firm life-cycle growth, the age and size distribution of firms is quantitatively significant.

我们构建了一个公司动态框架来评估最终产品生产商和中间产品供应商之间合同的执行对公司生命周期增长、技术积累和总生产力的影响。我们表明，除了生产决策的楔子之外，合同不完备性意味着利润楔子，这会抑制技术积累并可能与技术相关。在我们的模型中，当我们将印度与美国进行比较时，我们发现合同执行导致每名工人的产出差异为 22%。对公司生命周期增长、公司年龄和规模分布的影响在数量上是显着的。