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Capital Reallocation

delete2018-11-01
delete20
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OA
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A
Andrea L. Eisfeldt *
Y
Yu Shi
DOI:10.1146/annurev-financial-110217-023000delete
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摘要

摘要

En 中文
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.
Keyword:
capital reallocation
capital liquidity
investment
business cycles
misallocation
financial frictions
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期刊

A
Annual Review of Financial Economics
IF:
5.2
论文数:
0
被引数:
0

机构

University of California System 封面图
University of California System
学者数:
37.5W
论文数: 33.7W
被引数: 6.6K
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