|
主讲人 |
Anpeng Li |
简介 |
<p>I develop a growth model with heterogeneous firms to study the allocative inefficiency in emerging economies. The model economy learns new technology from the world frontier, and reallocates resources to fit the technological change. When a firm starts to catch up the frontier, it faces the uncertainty of future technical progress, and delays the adjustment of production factors as a response. The delayed adjustment generates allocative inefficiency in the early stage of development. Then, technological achievement narrows the gap to the frontier, reduces the future uncertainty, and improves the efficiency. Finally, the economy reaches an more efficient distribution again in the new steady state. The model suggests that the cross-country difference in allocative efficiency can be a byproduct of the different stages of development.</p> |
