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Policy distortions and aggregate productivity with heterogeneous plants

Author: Diego Restuccia; Richard Donald Rogerson; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2007.
Series: Working paper series (National Bureau of Economic Research), no. 13018.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We formulate a version of the growth model in which production is carried out by heterogeneous plants and calibrate it to US data. In the context of this model we argue that differences in the allocation of resources across heterogeneous plants may be an important factor in accounting for cross-country differences in output per capita. In particular, we show that policies which create heterogeneity in the prices  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Diego Restuccia; Richard Donald Rogerson; National Bureau of Economic Research.
OCLC Number: 122938955
Description: 1 online resource (1 volume).
Series Title: Working paper series (National Bureau of Economic Research), no. 13018.
Responsibility: Diego Restuccia, Richard Rogerson.

Abstract:

We formulate a version of the growth model in which production is carried out by heterogeneous plants and calibrate it to US data. In the context of this model we argue that differences in the allocation of resources across heterogeneous plants may be an important factor in accounting for cross-country differences in output per capita. In particular, we show that policies which create heterogeneity in the prices faced by individual producers can lead to sizeable decreases in output and measured TFP in the range of 30 to 50 percent. We show that these effects can result from policies that do not rely on aggregate capital accumulation or aggregate relative price differences. More generally, the model can be used to generate differences in capital accumulation, relative prices, and measured TFP.

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