中文摘要
本文发展了关于无效率经济加总的一般理论。对于存在诸如税收、加成、资源再配置摩擦、金融摩擦和名义刚性等扭曲的经济体，我们提供了加总微观冲击的非参数公式。我们允许任意的替代弹性、规模报酬、要素流动性和投入产出网络关联。我们展示了如何分别测量技术效率与配置效率的变化。我们还展示了如何计算扭曲的社会成本。我们开展了以美国企业层面加成为重点的应用研究。我们发现，由市场份额随时间向高加成企业再配置所引起的配置效率改善，解释了1997–2015年期间约一半的加总TFP增长。我们还发现，消除由数据中估计的庞大且分散的加成所导致的错配，将使加总TFP提高约15%，与Harberger (1954) 著名的0.1%估计值相比，使垄断扭曲的经济体整体成本增加了两个数量级。由于数据存在缺陷且需要大量插补，这些确切数值应谨慎解读。
Abstract
Abstract This paper develops a general theory of aggregation in inefficient economies. We provide nonparametric formulas for aggregating microeconomic shocks in economies with distortions such as taxes, markups, frictions to resource reallocation, financial frictions, and nominal rigidities. We allow for arbitrary elasticities of substitution, returns to scale, factor mobility, and input-output network linkages. We show how to separately measure changes in technical and allocative efficiency. We also show how to compute the social cost of distortions. We pursue applications focusing on firm-level markups in the United States. We find that improvement in allocative efficiency, due to the reallocation over time of market share to high-markup firms, accounts for about half of aggregate TFP growth over the period 1997–2015. We also find that eliminating the misallocation resulting from the large and dispersed markups estimated in the data would raise aggregate TFP by about 15%, increasing the economy-wide cost of monopoly distortions by two orders of magnitude compared with the famous 0.1% estimate by Harberger (1954). These exact numbers should be interpreted with care because the data are imperfect and require substantial imputation.