1、研讨论文
Low Interest Rates, Market Power, and Productivity Growth (Econometrica. Liu et al. 2022)
2、主讲人
赵欢（中经管2023级硕士生）
3、论文简介
This study provides a new theoretical result that a decline in the long-term interest rate can trigger a stronger investment response by market leaders relative to market followers, thereby leading to more concentrated markets, higher profits, and lower aggregate productivity growth. This strategic effect of lower interest rates on market concentration implies that aggregate productivity growth declines as the interest rate approaches zero. The framework is relevant for antitrust policy in a low interest rate environment, and it provides a unified explanation for rising market concentration and falling productivity growth as interest rates in the economy have fallen to extremely low levels.
4、时间
3月20日14:00-17:00
5、地点
学术会堂712
6、主持人/点评老师
王忏明洋
7、活动对象
304am永利集团官网、金融学院员工
8、人数规模
30人
9、主办单位
304am永利集团官网中国经济与管理研究院、金融学院联合主办
撰稿：赵欢
审稿：明洋
编辑：沈嘉怡
审核：王颖
