Capital reallocation and liquidity

被引：189

作者：

Eisfeldt, Andrea L. ^{[1
]}

Rampini, Adriano A. ^{[1
]}

机构：

[1] Northwestern Univ, JL Kellogg Grad Sch Management, Dept Finance, Evanston, IL 60208 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2006年 / 53卷 / 03期

关键词：

capital reallocation; liquidity; frictions; business cycle;

D O I：

10.1016/j.jmoneco.2005.04.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper shows that the amount of capital reallocation between firms is procyclical. In contrast, the benefits to capital reallocation appear countercyclical. We measure the amount of reallocation using data on flows of capital across firms and the benefits to capital reallocation using several measures of the cross-sectional dispersion of the productivity of capital. We then study a calibrated model economy where capital reallocation is costly and impute the cost of reallocation. We find that the cost of reallocation needs to be substantially countercyclical to be consistent with the observed joint cyclical properties of reallocation and productivity dispersion. (c) 2006 Elsevier B.V. All rights reserved.

引用

页码：369 / 399

页数：31