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UID:8e4c3873b65201c2dde7a344292f4d48
CATEGORIES:Seminars
CREATED:20220701T110454
SUMMARY:Lunch Seminar: Andreas Moxnes - University of Oslo
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nStrapped for Cash: The Role of Financial Constraints for Innovating Fir
 ms” joint with Esther Ann Bøler and Karen Helene Ulltveit-Moe\n\n\nAbstract
 :\nThis paper analyzes a reform that allowed firms to use patents as stand-
 alone collateral, to estimate the magnitude of credit constraints and to qu
 antify the aggregate impact of these constraints on misallocation and produ
 ctivity. Using detailed firm- and firm-bank level data for Norway, we find 
 that bank borrowing and the capital stock increased for firms affected by t
 he reform relative to the control group, suggesting that innovative firms w
 ere credit constrained. We interpret the results through the lens of a mode
 l of monopolistic competition with potentially credit constrained heterogen
 eous firms. Removing credit constraints increase output per worker through 
 capital deepening and misallocation. Parameterizing the model using well-id
 entified moments from the reduced form exercise, we find quantitatively lar
 ge gains in output per worker in innovative sectors of the economy. The gai
 ns are primarily driven by capital deepening, whereas within-industry misal
 location plays a smaller role.\n
DTSTAMP:20260405T222835Z
DTSTART:20220713T130000Z
DTEND:20220713T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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