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PRODID:-//AMSE//Event Calendar//FR
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UID:event-8463@amse-aixmarseille.fr
DTSTAMP:20260417T130227Z
CREATED:20260417T130227Z
LAST-MODIFIED:20260417T130227Z
STATUS:CONFIRMED
SEQUENCE:0
SUMMARY:amse seminar - Alberto Martin
DTSTART:20220321T103000Z
DTEND:20220321T114500Z
DESCRIPTION:What is the effect of declining interest rates on the efficienc
 y of resource allocation and overall economic activity? We study this quest
 ion in a setting in which entrepreneurs with different productivity invest 
 in capital\, subject to financial frictions. We show that a fall in the int
 erest rate has an ambiguous effect on aggregate output. In partial equilibr
 ium\, a lower interest rate raises aggregate investment both by relaxing fi
 nancial constraints and by prompting relatively less productive entrepreneu
 rs to invest. In general equilibrium\, however\, this higher demand for cap
 ital raises its price and crowds out investment by the more productive entr
 epreneurs. When this crowding-out effect is strong enough\, a fall in the i
 nterest rate becomes contractionary. Moreover\, in a dynamic setup\, such r
 eallocation effects among entrepreneurs interact with the classic balance-s
 heet channel\, giving rise to a boom-bust impulse response of output to a f
 all in the interest rate. We provide evidence in support of our mechanism u
 sing data from the US and Spain.\\n\\nContact: Ewen Gallic : ewen.gallic[at
 ]univ-amu.frAvner Seror : avner.seror[at]univ-amu.fr\n\nPlus d'informations
 : https://amse-aixmarseille.fr/fr/evenements/alberto-martin
LOCATION:Îlot Bernard du Bois - Amphithéâtre\, AMU - AMSE\, 5-9 boulevar
 d Maurice Bourdet\, 13001 Marseille
URL;VALUE=URI:https://amse-aixmarseille.fr/fr/evenements/alberto-martin
CONTACT:Ewen Gallic : ewen.gallic[at]univ-amu.frAvner Seror : avner.seror[a
 t]univ-amu.fr
TRANSP:OPAQUE
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