000			01120nam a22001457a 4500
999			_c522866 _d522866
008			230609b ||||| |||| 00| 0 eng d
100			_aSraer, David and Thesmar,David _941680
245			_aHow to use natural experiments to estimate misallocation
260			_aThe American Economic Review
300			_a113(4), Apr, 2023: p.906-938
520			_aWe propose a method to estimate the effect of firm policies (e.g., bankruptcy laws) on allocative efficiency using (quasi-)experimental evidence. Our approach takes general equilibrium effects into account and requires neither a structural estimation nor a precise assumption on how the experiment affects firms. Our aggregation formula relies on treatment effects of the policy on the distribution of output-to-capital ratios, which are easily estimated. We show this method is valid for a large class of commonly used models in macrofinance. We apply it to the French banking deregulation episode of the mid-1980s and find an increase in aggregate TFP of 5 percent.- Reproduced
773			_aThe American Economic Review
906			_aECONOMICS
942			_cAR