NSE Seminar

Production Networks and Misallocation

时间：2017年5月24日（周三）10：30 am－12：00 pm

地点：北大国发院/中国经济研究中心万众楼一楼小教室

主持人：余淼杰 王勇 余昌华 王歆 徐佳君

主讲人：Heiwai Tang (Johns Hopkins University)

【摘要】

This paper studies the aggregate TFP losses due to policy-distorted allocation of resources across heterogeneous firms in the presence of intermediate input trade. Different from the existing literature, we pay close attention to both allocative efficiency across sectors and amplification through industry input-output (IO) linkages. We extend the model of Hsieh and Klenow (2009) to study firms’ decisions to source inputs both domestically and globally from multiple industries. Solving the general equilibrium model with industry linkages reveals that an economy’s aggregate TFP loss due to distortions is equal to the geometric mean of sector-level TFP losses, with weights equal to the sectors’ Domar weights. Surprisingly, our preliminary analysis based on the Chinese plant-level data over the period 2000-2007 and Indian plant-level data reveals that the estimated aggregate TFP losses due to resource misallocation, after considering IO linkages, are significantly lower than Hsieh and Klenow’s estimates. A closer examination shows that it is because our estimated sectoral TFP losses based on firms’ gross output are always significantly lower than those computed by Hsieh and Klenow, who use firms’ value added as the basis. These results suggest that the within-sector dispersion in marginal revenue product of intermediate inputs across firms is much smaller than those for labor and capital in both countries.

【主讲人】

Heiwai Tang is Assistant Professor of International Economics at the Johns Hopkins School of Advanced International Studies and Research Fellow of the Federal Reserve Bank of Dallas, the Center of Economic Studies and Ifo Institute (CESIfo) in Germany, as well as the Globalization and Economic Policy Center in the U.K. He has been a consultant to the World Bank, United Nations, and Asian Development Bank, and held visiting positions at the IMF, MIT Sloan School of Management, Harvard University, and RIETI.

Tang received his Ph.D. in economics from MIT. His research interests span a wide range of theoretical and empirical topics in international trade. His recent research studies how offshoring affects the domestic buyer-supplier networks; how firms learn from their neighbors to export; how China successfully moved up the global value chains; and how trade and foreign direct investment enhance firms' and thus aggregate productivity. His work has been published in leading journals in economics, including American Economic Review, Journal of International Economics, Journal of Development Economics, Journal of Law and Economics, and World Bank Economic Review.

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