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Uncertainty-induced Reallocations and Growth
Ravi Bansal
Mariano M. Croce
Wenxi Liao
Samuel Rosen
出版
National Bureau of Economic Research
, 2019
URL
http://books.google.com.hk/books?id=dm1y0AEACAAJ&hl=&source=gbs_api
註釋
Focusing on both micro and aggregate U.S. data, we show the existence of a significant link between aggregate uncertainty and reallocation of resources away from R&D-intensive capital. This link is important because a decrease in the aggregate share of R&D-oriented capital forecasts lower medium-term growth. In a multi-sector production economy in which (i) growth is endogenously supported by risky R&D investments, and (ii) the representative agent is volatility-risk averse and has access to other safer technologies that do not support growth, uncertainty shocks have a first-order negative impact on medium-term growth and welfare.
