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SUMMARY:How to Use Natural Experiments to Estimate Misallocation
DTSTART:20220325T103000
DTEND:20220325T120000
DTSTAMP:20260511T062151Z
UID:4d793f8863c5f35bcbba672f8a0d4d0c510ea9c650561bbda98203a3
CATEGORIES:Conferences - Seminars
DESCRIPTION:David Thesmar\, MIT Sloan\nWe propose a method to estimate the
  effect of firm policies (e.g.\, bankruptcy laws or subsidized credit) on 
 allocative efficiency using (quasi-) experimental evidence. Our approach t
 akes general equilibrium effects into account and requires neither a struc
 tural estimation nor a precise assumption on how the experiment affects fi
 rms. Our aggregation formula relies on treatment effects of the policy on 
 the distribution of output-to-capital ratios\, which are easily estimated 
 in (quasi-) experimental data. We show that this method is valid as long a
 s the true data-generating process belongs to a large class of commonly-us
 ed models in macro-finance. Finally\, we apply this method to the French b
 anking deregulation episode of the mid-1980s and find that this reform led
  to an increase in aggregate TFP of 2.7%.
LOCATION:UniL campus\, Extranef 126
STATUS:CONFIRMED
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