BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//jEvents 2.0 for Joomla//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:33404e818fead6adeaa13fe96167249e
CATEGORIES:Seminars
CREATED:20170410T155330
SUMMARY:Thomas Chaney - Toulouse School of Economics
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Aggregate Effects of Collateral Constraints\nAbstract:\nWe structurally est
 imate a dynamic model with heterogeneous firms and collateral constraints. 
 Embedding this model in a general equilibrium framework allows us to quanti
 fy the impact of financing frictions on aggregate output and welfare. The s
 tructural estimation is based on the causal effect of collateral shocks on 
 firm level corporate investment in the United States. The estimates imply t
 hat lifting financing frictions would increase welfare by 9.4% and aggregat
 e output by 11%. Half of this aggregate output gain is due to an increase i
 n 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 prod
 uctivity from a better allocation of inputs across heterogeneous firms.\n
DTSTAMP:20260405T155510Z
DTSTART:20160324T170000Z
DTEND:20160324T183000Z
SEQUENCE:0
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR