一、报告题目：

Financing Intermediate Goods and Misallocation in China

二、报告人：

王文雅，上海财经大学金融学院

三、报告时间：

2019年4月25日（周四）  上午10:00-11:30

四、报告地点：

知新楼B215

五、报告人简介：

王文雅博士，现任上海财经大学金融学院助理教授，2017年获加拿大西安大略大学经济学博士学位。研究领域为宏观经济学、企业动态、中国经济、发展经济学。论文曾在世界计量经济学年会亚洲会议和北美会议、美国中西部宏观经济学会议（Midwest Macro）、加拿大经济学年会等学术会议上宣讲。

六、 报告摘要：
This paper quantifies the novel role of intermediate goods frictions, i.e. time-to-order and borrowing constraints, in accounting for the documented substantial misallocation in China Industrial Enterprise Survey (CIES) (Hsieh and Klenow, 2009; Brandt, Van Biesebroeck, and Zhang, 2012). The empirical part of this paper documents substantial intermediate goods misallocation and suggestive evidence of time-to-order and borrowing constraint frictions on intermediate goods in China's data. Quantitaive works find that a standard dynamic investment model with intermediate goods frictions can account for 70% of gross output misallocation in China, twice of the magnitude generated in an investment model with adjustment costs and borrowing constraints on capital only.

七、主办单位：

永利集团88304官网集团