00000nam 2200000za 4500 9.867633 CaOODSP 20221107162351 cr ||||||||||| 190125s2019 onc #o f|0| 0 eng d CaOODSP eng eng fre n-cn--- FB3-5/2019-4E-PDF Wright, Randall. Frictional capital reallocation I [electronic resource] : ex ante heterogeneity / by Randall Wright, Sylvia Xiaolin Xiao and Yu Zhu. Ottawa, Ontario : Bank of Canada, 2019. ii, 41 p. Bank of Canada staff working paper, 1701-9397 ; 2019-4 "January 2019." Includes bibliographic references. "This paper studies dynamic general equilibrium models where firms trade capital in frictional markets. Gains from trade arise due to ex ante heterogeneity: some firms are better at investment, so they build capital in the primary market; others acquire it in the secondary market. Cases are considered with random search and bargaining, or directed search and posting. For each, we provide results on existence, uniqueness, efficiency and comparative statics. Monetary and fiscal policy are discussed at length. We also discuss how productivity dispersion can be countercyclical while capital reallocation and its price are procyclical"--Abstract. Includes abstract in French. gccst Monetary policy gccst Capital Xiao, Sylvia Xiaolin. Zhu, Yu, 1966- Bank of Canada. Staff working paper (Bank of Canada) 1701-9397 ; 2019-4. (CaOODSP)9.806221 PDF 1.17 MB https://publications.gc.ca/collections/collection_2019/banque-bank-canada/FB3-5-2019-4-eng.pdf