Frictional capital reallocation I : ex ante heterogeneity / by Randall Wright, Sylvia Xiaolin Xiao and Yu Zhu. : FB3-5/2019-4E-PDF
"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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| Ministère/Organisme | Bank of Canada. |
|---|---|
| Titre | Frictional capital reallocation I : ex ante heterogeneity / by Randall Wright, Sylvia Xiaolin Xiao and Yu Zhu. |
| Titre de la série | Bank of Canada staff working paper, 1701-9397 ; 2019-4 |
| Type de publication | Série - Voir l'enregistrement principal |
| Langue | [Anglais] |
| Format | Électronique |
| Document électronique | |
| Note(s) | "January 2019." Includes bibliographic references. Includes abstract in French. |
| Information sur la publication | Ottawa, Ontario : Bank of Canada, 2019. |
| Auteur / Contributeur | Wright, Randall. Xiao, Sylvia Xiaolin. Zhu, Yu, 1966- |
| Description | ii, 41 p. |
| Numéro de catalogue |
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| Descripteurs | Monetary policy Capital |