How to use natural experiments to estimate misallocation

We propose a method to estimate the effect of firm policies (e.g., bankruptcy laws) on allocative efficiency using (quasi-)experimental evidence. Our approach takes general equilibrium effects into account and requires neither a structural estimation nor a precise assumption on how the experiment af...

Ausführliche Beschreibung

Gespeichert in:

Bibliographische Detailangaben
Veröffentlicht in:	The American economic review 2023-04, Vol.113 (4), p.906-938
1. Verfasser:	Sraer, David
Format:	Artikel
Sprache:	eng
Schlagworte:	1985-1992 Allokationseffizienz Bankenregulierung Deregulierung Experiment Frankreich Schätzung
Online-Zugang:	Volltext
Tags:	Tag hinzufügen Keine Tags, Fügen Sie den ersten Tag hinzu!

container_end_page	938
container_issue	4
container_start_page	906
container_title	The American economic review
container_volume	113
creator	Sraer, David
description	We propose a method to estimate the effect of firm policies (e.g., bankruptcy laws) on allocative efficiency using (quasi-)experimental evidence. Our approach takes general equilibrium effects into account and requires neither a structural estimation nor a precise assumption on how the experiment affects firms. Our aggregation formula relies on treatment effects of the policy on the distribution of output-to-capital ratios, which are easily estimated. We show this method is valid for a large class of commonly used models in macrofinance. We apply it to the French banking deregulation episode of the mid- 1980s and find an increase in aggregate TFP of 5 percent. (JEL G21, G24, G28, G31, G32, H25)
doi_str_mv	10.1257/aer.20190609
format	Article
fullrecord	<record><control><sourceid>econis_cross</sourceid><recordid>TN_cdi_crossref_primary_10_1257_aer_20190609</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>1854060449</sourcerecordid><originalsourceid>FETCH-LOGICAL-c325t-8fd27a13fcc03aab303d1b3de50e0bc3410c938d1d764cd8a543d306a0e0cc483</originalsourceid><addsrcrecordid>eNpFj8FKxDAQhnNQcF29-QB5ALtOMmmbHmVRV1jwoucyTaZQaZulyaK-vS2r7Oln-D-G_xPiTsFG6bx8IJ42GlQFBVQXYgUAOrPa6itxHeMnLLcqV8LuwpdMQR4jy5HScaJe8veBp27gMcWl4pi6gRLLoYvU98FR6sJ4Iy5b6iPf_uVafDw_vW932f7t5XX7uM8c6jxltvW6JIWtc4BEDQJ61aDnHBgah0aBq9B65cvCOG8pN-gRCppr54zFtbg__XVTiHHitj7M22j6qRXUi2k9m9b_pjMuTzi7MHbxDNvczIAxFf4CndNToA</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype></control><display><type>article</type><title>How to use natural experiments to estimate misallocation</title><source>American Economic Association Web</source><creator>Sraer, David</creator><creatorcontrib>Sraer, David</creatorcontrib><description>We propose a method to estimate the effect of firm policies (e.g., bankruptcy laws) on allocative efficiency using (quasi-)experimental evidence. Our approach takes general equilibrium effects into account and requires neither a structural estimation nor a precise assumption on how the experiment affects firms. Our aggregation formula relies on treatment effects of the policy on the distribution of output-to-capital ratios, which are easily estimated. We show this method is valid for a large class of commonly used models in macrofinance. We apply it to the French banking deregulation episode of the mid- 1980s and find an increase in aggregate TFP of 5 percent. (JEL G21, G24, G28, G31, G32, H25)</description><identifier>ISSN: 0002-8282</identifier><identifier>DOI: 10.1257/aer.20190609</identifier><language>eng</language><subject>1985-1992 ; Allokationseffizienz ; Bankenregulierung ; Deregulierung ; Experiment ; Frankreich ; Schätzung</subject><ispartof>The American economic review, 2023-04, Vol.113 (4), p.906-938</ispartof><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c325t-8fd27a13fcc03aab303d1b3de50e0bc3410c938d1d764cd8a543d306a0e0cc483</citedby><cites>FETCH-LOGICAL-c325t-8fd27a13fcc03aab303d1b3de50e0bc3410c938d1d764cd8a543d306a0e0cc483</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>314,778,782,3737,27911,27912</link.rule.ids></links><search><creatorcontrib>Sraer, David</creatorcontrib><title>How to use natural experiments to estimate misallocation</title><title>The American economic review</title><description>We propose a method to estimate the effect of firm policies (e.g., bankruptcy laws) on allocative efficiency using (quasi-)experimental evidence. Our approach takes general equilibrium effects into account and requires neither a structural estimation nor a precise assumption on how the experiment affects firms. Our aggregation formula relies on treatment effects of the policy on the distribution of output-to-capital ratios, which are easily estimated. We show this method is valid for a large class of commonly used models in macrofinance. We apply it to the French banking deregulation episode of the mid- 1980s and find an increase in aggregate TFP of 5 percent. (JEL G21, G24, G28, G31, G32, H25)</description><subject>1985-1992</subject><subject>Allokationseffizienz</subject><subject>Bankenregulierung</subject><subject>Deregulierung</subject><subject>Experiment</subject><subject>Frankreich</subject><subject>Schätzung</subject><issn>0002-8282</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2023</creationdate><recordtype>article</recordtype><recordid>eNpFj8FKxDAQhnNQcF29-QB5ALtOMmmbHmVRV1jwoucyTaZQaZulyaK-vS2r7Oln-D-G_xPiTsFG6bx8IJ42GlQFBVQXYgUAOrPa6itxHeMnLLcqV8LuwpdMQR4jy5HScaJe8veBp27gMcWl4pi6gRLLoYvU98FR6sJ4Iy5b6iPf_uVafDw_vW932f7t5XX7uM8c6jxltvW6JIWtc4BEDQJ61aDnHBgah0aBq9B65cvCOG8pN-gRCppr54zFtbg__XVTiHHitj7M22j6qRXUi2k9m9b_pjMuTzi7MHbxDNvczIAxFf4CndNToA</recordid><startdate>20230401</startdate><enddate>20230401</enddate><creator>Sraer, David</creator><scope>OQ6</scope><scope>AAYXX</scope><scope>CITATION</scope></search><sort><creationdate>20230401</creationdate><title>How to use natural experiments to estimate misallocation</title><author>Sraer, David</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c325t-8fd27a13fcc03aab303d1b3de50e0bc3410c938d1d764cd8a543d306a0e0cc483</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2023</creationdate><topic>1985-1992</topic><topic>Allokationseffizienz</topic><topic>Bankenregulierung</topic><topic>Deregulierung</topic><topic>Experiment</topic><topic>Frankreich</topic><topic>Schätzung</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Sraer, David</creatorcontrib><collection>ECONIS</collection><collection>CrossRef</collection><jtitle>The American economic review</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Sraer, David</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>How to use natural experiments to estimate misallocation</atitle><jtitle>The American economic review</jtitle><date>2023-04-01</date><risdate>2023</risdate><volume>113</volume><issue>4</issue><spage>906</spage><epage>938</epage><pages>906-938</pages><issn>0002-8282</issn><abstract>We propose a method to estimate the effect of firm policies (e.g., bankruptcy laws) on allocative efficiency using (quasi-)experimental evidence. Our approach takes general equilibrium effects into account and requires neither a structural estimation nor a precise assumption on how the experiment affects firms. Our aggregation formula relies on treatment effects of the policy on the distribution of output-to-capital ratios, which are easily estimated. We show this method is valid for a large class of commonly used models in macrofinance. We apply it to the French banking deregulation episode of the mid- 1980s and find an increase in aggregate TFP of 5 percent. (JEL G21, G24, G28, G31, G32, H25)</abstract><doi>10.1257/aer.20190609</doi><tpages>33</tpages></addata></record>
fulltext	fulltext
identifier	ISSN: 0002-8282
ispartof	The American economic review, 2023-04, Vol.113 (4), p.906-938
issn	0002-8282
language	eng
recordid	cdi_crossref_primary_10_1257_aer_20190609
source	American Economic Association Web
subjects	1985-1992 Allokationseffizienz Bankenregulierung Deregulierung Experiment Frankreich Schätzung
title	How to use natural experiments to estimate misallocation
url	https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-16T01%3A05%3A15IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-econis_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=How%20to%20use%20natural%20experiments%20to%20estimate%20misallocation&rft.jtitle=The%20American%20economic%20review&rft.au=Sraer,%20David&rft.date=2023-04-01&rft.volume=113&rft.issue=4&rft.spage=906&rft.epage=938&rft.pages=906-938&rft.issn=0002-8282&rft_id=info:doi/10.1257/aer.20190609&rft_dat=%3Ceconis_cross%3E1854060449%3C/econis_cross%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_id=info:pmid/&rfr_iscdi=true