A Comment on: “Low Interest Rates, Market Power, and Productivity Growth”

IF 6.6 1区经济学 Q1 ECONOMICS Econometrica Pub Date : 2023-12-07 DOI:10.3982/ECTA20621

Craig A. Chikis, Jonathan Goldberg, David López-Salido

引用次数: 0

Abstract

Using an endogenous growth model, Liu, Mian, and Sufi (2022) (LMS) show that a decline in the interest rate can lead to a fall in productivity growth and a rise in leader-laggard productivity gaps and firm profits. We identify two issues in their quantitative analysis of transition dynamics: a time-scale error and the omission of composition terms in calculating productivity growth along the transition to a new balanced growth path. Correcting the time-scale error and including the composition terms, the decline in the interest rate that LMS study leads to a large and protracted productivity boom lasting about 20 years. In addition, the average leader-laggard gap grows much more slowly than reported in their paper. We also point out an issue in their quantitative analysis of steady-state profit shares. These issues are related to the quantitative exercises, and do not affect the key theoretical contributions of LMS.

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评论"低利率、市场力量与生产率增长

Liu、Mian 和 Sufi（2022 年）（LMS）使用内生增长模型表明，利率下降会导致生产率增长下降，领先者与落后者之间的生产率差距和企业利润上升。我们在他们对过渡动态的定量分析中发现了两个问题：一个是时间尺度误差，另一个是在计算向新的平衡增长路径过渡的生产率增长时忽略了构成项。修正了时间尺度误差并加入了构成项后，LMS 所研究的利率下降导致了持续约 20 年的大规模生产率繁荣。此外，领先者与落后者之间平均差距的增长速度要比他们论文中报告的慢得多。我们还指出了他们对稳态利润份额的定量分析中存在的一个问题。这些问题与定量分析有关，并不影响 LMS 的主要理论贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Econometrica 社会科学-数学跨学科应用

CiteScore

11.00

自引率

3.30%

发文量

审稿时长

6-12 weeks

期刊介绍： Econometrica publishes original articles in all branches of economics - theoretical and empirical, abstract and applied, providing wide-ranging coverage across the subject area. It promotes studies that aim at the unification of the theoretical-quantitative and the empirical-quantitative approach to economic problems and that are penetrated by constructive and rigorous thinking. It explores a unique range of topics each year - from the frontier of theoretical developments in many new and important areas, to research on current and applied economic problems, to methodologically innovative, theoretical and applied studies in econometrics. Econometrica maintains a long tradition that submitted articles are refereed carefully and that detailed and thoughtful referee reports are provided to the author as an aid to scientific research, thus ensuring the high calibre of papers found in Econometrica. An international board of editors, together with the referees it has selected, has succeeded in substantially reducing editorial turnaround time, thereby encouraging submissions of the highest quality. We strongly encourage recent Ph. D. graduates to submit their work to Econometrica. Our policy is to take into account the fact that recent graduates are less experienced in the process of writing and submitting papers.

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