经济学院2018年第六十二次学术讲座

——计量经济学讲座（七）

主讲嘉宾: 王志锋 助理教授

单位：湖南大学经济管理研究中心

主讲题目： Estimating Productivity of Public Infrastructure Investment

时间：2018年12月20日（周四）上午10:00

地点：经济学院407

摘要：The productivity effect of public infrastructure investment is controversial in the traditional literature using aggregate production function estimation, mainly due to reverse causality. This paper develops a new approach, using a model of endogenous productivity in a firm-level production function, and matching Chinese firm-level production data with province-level infrastructure data. The

estimated rates of return are about 6% averaged from 1999 to 2007. The returns triple if national-level spillover effects are taken into account. Controlling the demand effect of public expenditure leads to lower but still positive returns. Firm-level evidences are consistent with a mechanism in which public infrastructure investment facilitates resource reallocation from less to more productive firms.

经济学院

2018年12月11日