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UID:33404e818fead6adeaa13fe96167249e
CATEGORIES:Seminars
CREATED:20170410T155330
SUMMARY:Thomas Chaney - Toulouse School of Economics
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>Aggregate Effects of Collateral Con
 straints</strong></p><p style="text-align: justify;">Abstract:</p><p style=
 "text-align: justify;">We structurally estimate a dynamic model with hetero
 geneous firms and collateral constraints. Embedding this model in a general
  equilibrium framework allows us to quantify the impact of financing fricti
 ons on aggregate output and welfare. The structural estimation is based on 
 the causal effect of collateral shocks on firm level corporate investment i
 n the United States. The estimates imply that lifting financing frictions w
 ould increase welfare by 9.4% and aggregate output by 11%. Half of this agg
 regate output gain is due to an increase in the aggregate stock of capital,
  one quarter is due to a larger aggregate labor supply, while the remaining
  quarter is due to a higher aggregate productivity from a better allocation
  of inputs across heterogeneous firms.</p>
DTSTAMP:20260405T155525Z
DTSTART:20160324T170000Z
DTEND:20160324T183000Z
SEQUENCE:0
TRANSP:OPAQUE
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