主    题：The Implications of Financial Constraints for Productivity: a Firm-Level Investigation for Italy
时    间：2017年5月31 日 （星期三）15：30-17:00
地    点：后主楼1610
嘉    宾：Francesco Nucci   意大利罗马大学
主持人：戴觅   北京师范大学

摘要：
Many contributions have analyzed the implications for aggregate productivity of financial frictions, emphasizing their role as source of misallocation of resources in the economy. Using firm-level panel data, we analyze whether the firm’s ability to have access to external finance directly contributes to shape its productivity pattern. This allows us to control for the extensive heterogeneity across firms in their access to external funds and in their productivity levels. We slightly adjust the Olley-Pakes’ method for measuring firm’s productivity by allowing the latter to depend also on the extent of the financing constraints. In the subsequent productivity equation we also control for lagged productivity consistently with the Olley-Pakes' assumption of a first-order Markov process for productivity. We show that financing constraints negatively affect firm’s TFP in almost all sectors. A more pronounced effect of financing constraints on TFP is recorded during the Great Recession. Moreover, the higher is the firm’s reliance on intangible assets, the higher is the sensitivity of productivity to financing restrictions. Finally, we also show that when financing constraints are more severe the firm’s “distance” from the technology frontier exerts a weaker pull for the firm’s TFP growth.

主讲人简介：
Francesco Nucci 现为意大利罗马大学经济系教授，经济学博士项目总管， 学术刊物Applied Economics 以及 Applied Economics Letters 副主编，意大利财政部工作论文评审组成员。他于1998年获得哥伦比亚大学经济学博士，师从宏观经济学著名专家Richard H. Clarida. Nucci教授的研究领域为宏观经济学、国际经济学与计量经济学，曾在Journal of International Economics, European Economic Review, Journal of Banking and Finance等国际一流学术刊物发表众多学术论文，是价格粘性、汇率以及劳动力市场等方面的杰出专家。