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Frictional capital reallocation I : ex ante heterogeneity

Author: Randall Wright; Sylvia Xiaolin Xiao; Yu Zhu, (Researcher); Bank of Canada,
Publisher: Ottawa, Ontario : Bank of Canada, 2019. ©2019
Series: Staff Working Paper (Bank of Canada), 2019-4.
Edition/Format:   eBook : Document : National government publication : EnglishView all editions and formats
Summary:
"This paper studies dynamic general equilibrium models where firms trade capital in frictional markets. Gains from trade arise due to ex ante heterogeneity: some firms are better at investment, so they build capital in the primary market; others acquire it in the secondary market. Cases are considered with random search and bargaining, or directed search and posting. For each, we provide results on existence,  Read more...
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Genre/Form: Electronic books
Material Type: Document, Government publication, National government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Randall Wright; Sylvia Xiaolin Xiao; Yu Zhu, (Researcher); Bank of Canada,
OCLC Number: 1083548421
Language Note: Abstracts in English and French.
Notes: Distributed by the Government of Canada Publishing and Depository Services Program (Weekly acquisitions list 2019-04).
"January 2019."
Description: 1 online resource (ii, 41 pages).
Series Title: Staff Working Paper (Bank of Canada), 2019-4.
Other Titles: Ex ante heterogeneity
Responsibility: by Randall Wright, Sylvia Xiaolin Xiao and Yu Zhu.
More information:

Abstract:

"This paper studies dynamic general equilibrium models where firms trade capital in frictional markets. Gains from trade arise due to ex ante heterogeneity: some firms are better at investment, so they build capital in the primary market; others acquire it in the secondary market. Cases are considered with random search and bargaining, or directed search and posting. For each, we provide results on existence, uniqueness, efficiency and comparative statics. Monetary and fiscal policy are discussed at length. We also discuss how productivity dispersion can be countercyclical while capital reallocation and its price are procyclical"--Abstract.

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