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 東北大学 現代経済学研究会セミナー
Tohoku University Modern Economics Seminar

  
次回の研究会 UPCOMING EVENT

2024.05.30 (THU) 16:20-17:50
Title: A New Look at Uncertainty Shocks: Imperfect Information and Misallocation 慶應義塾大学 千賀 達朗
Abstract:
Uncertainty faced by individual firms appears to be heterogeneous. In this paper, I construct a new set of empirical measures of firm-level uncertainty using data such as the IBES and Compustat. The panel data that I construct reveals persistent differences in the degree of uncertainty facing individual firms not reflected by existing measures. Consistent with existing measures, I find that the average level of uncertainty across firms is countercyclical, and that it rose sharply at the start of the Great Recession. I next develop a heterogeneous firm model in a setting wherein each firm gradually learns about its own productivity, and each occasionally experiences a shock forcing it to start learning afresh. Uncertainty is gradually resolved as firms operate longer and get better informed. When calibrated to reproduce the level and cyclicality of the cross-sectional dispersion of sales growth, I show that an uncertainty shock can explain 18 percent of the observed output volatility and 29 percent of the investment volatility in the data.​

当研究会について About us:
2006年度より、東北⼤学に在籍する経済学研究者有志が集まって定期的に研究会を開催しております。本研究会では国際的学術雑誌への投稿を精⼒的に⾏っている第⼀線の研究者に研究発表をお願いしております。参加資格は特に設けませんので、報告論題に関⼼のある⽅は奮ってご参加ください。学内の⽅はもちろん、学外の⽅もご参加いただけます。
The Department of Economics at Tohoku University has hosted this seminar series since 2006. We invite economists actively engaged in research intended for submission to top international economics journals. If you're interested in this, feel free to join our seminar. Participation is open to all, with no restrictions.
使用言語 Language:
原則英語で開催いたします。但し、オーディエンスには日本語で質問する権利を認めますので、ご了承願います。
The seminar language is English in principle. However, please feel free to ask questions in Japanese as an attendee.

お問い合わせ・東北大学外の方でオンラインでの参加をご希望の方はご連絡ください

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