主讲嘉宾: 王志锋 助理教授
主讲题目： Estimating Productivity of Public Infrastructure Investment
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.