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SUMMARY:Uncertainty-Induced Reallocations and Growth
DTSTART:20210312T100000
DTEND:20210312T113000
DTSTAMP:20261002T004113Z
UID:accb8e570b70f289a3491ffae2b73b9164ddb2126904aa3313d2f56f
CATEGORIES:Conferences - Seminars
DESCRIPTION:Mariano CROCE\, Bocconi University\nFocusing on both micro and
  aggregate U.S. data\, we show the existence of a signi cant link between 
 aggregate uncertainty and reallocation of resources away from R&D-intensiv
 e capital. This link is important because a decrease in the aggregate shar
 e of R&D-oriented capital forecasts lower medium-term growth. In a multi-s
 ector production economy in which (i) growth is endogenously supported by 
 risky R&D investments\, and (ii) the representative agent is volatility-ri
 sk averse and has access to other safer technologies that do not support g
 rowth\, uncertainty shocks have a rst-order negative impact on medium-term
  growth and welfare.
LOCATION:Zoom
STATUS:CONFIRMED
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