Capital Reallocation

被引：20

作者：

Eisfeldt, Andrea L. ^{[1
,2
]}

Shi, Yu ^{[1
]}

机构：

[1] Univ Calif Los Angeles, Anderson Sch Management, Los Angeles, CA 90095 USA

[2] Natl Bur Econ Res, Cambridge, MA 02138 USA

来源：

ANNUAL REVIEW OF FINANCIAL ECONOMICS, VOL 10 | 2018年 / 10卷

关键词：

capital reallocation; capital liquidity; investment; business cycles; misallocation; financial frictions; FINANCIAL FRICTIONS; ASSET MARKETS; AGGREGATE PRODUCTIVITY; BUSINESS-CYCLE; MISALLOCATION; LIQUIDITY; SHOCKS; EFFICIENCY; FIRMS; HETEROGENEITY;

D O I：

10.1146/annurev-financial-110217-023000

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Capital reallocation is procyclical, despite measured productive reallocative opportunities being acyclical or even countercyclical. This article reviews the advances in the literature studying the causes and consequences of capital reallocation (or lack thereof). We provide a comprehensive set of stylized facts about capital reallocation for the United States and an illustrative model of capital reallocation in equilibrium. We relate capital reallocation to the broader literatures on business cycles with financial frictions and on resource misallocation and aggregate productivity. Throughout, we provide directions for future research.

引用

页码：361 / 386

页数：26

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