暨南经院学术系列活动之经济学系列Seminar第274期

主题：Technological Synergies, Heterogenous Firms, and Idiosyncratic Volatility

主讲人：喻洋 上海交通大学

主持人：王彬 太阳城集团

时间：2023年10月12日（周四）上午10：00-11：30

地点：太阳城集团石牌校区tyc1286太阳成集团大楼（中惠楼）207室

摘要

 This paper shows the importance of technological synergies among heterogenous firms for aggregate fluctuations. First, we document five novel empirical facts using micro data that suggest the existence of important technological synergies between trading partners, the presence of positive assortative matching among firms, and their evolution during the business cycle. Next, we embed technological synergies in a general equilibrium model calibrated on firm-level data and show that frictions in forming trading relationships and separation costs explain imperfect sorting between firms in equilibrium. In particular, an increase in the volatility of idiosyncratic productivity shocks significantly decreases aggregate output without resorting to non-convex adjustment costs.

主讲人简介

喻洋，上海交通大学安泰经济与管理学院副教授。主要从事宏观经济学、金融经济学等方向的研究，在Journal of Monetary Economics和Management Science发表论文。

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校对 | 李仲达

责编 | 麦嘉杰

  初审 | 黄  振   

终审发布 |  郑贤