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Capital dispersion and productivity in Portugal during the Troika period
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Orientador(es)
Resumo(s)
Portugal has struggled economically since the beginning of the twenty-first century.
One reason for this is the low productivity of the portuguese manufacturing sector, which
is particularly punishing to a country in the context of the eurozone. Using data for
manufacturing firms in Portugal between 2011 and 2019, I document a countercyclical
movement of productivity losses from capital misallocation, the increased dispersion of
labor since 2011, even with a low and steady dispersion of the marginal product of labor,
and the very high dispersion of capital and its marginal product. Using the same model
as in Gopinath et al. (2017), even under a similar setting of falling real interest rate, I
find evidence pointing the problems of productivity in Portugal away from being purely
related with financial frictions, and provide markups and competition as a potential avenue
to complement an explanation to this phenomenon.
Descrição
Mestrado Bolonha em Economia
Palavras-chave
Financial Frictions Heterogeneous Firms Macroeconomics
Contexto Educativo
Citação
Santos, Rui António Ribeiro Vieira (2021). “Capital dispersion and productivity in Portugal during the Troika period”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão
Editora
Instituto Superior de Economia e Gestão