Estimados Académicos y Académica FEN,

Les extendemos la invitación al seminario organizado por el Departamento de Economía, en el que se presentará el trabajo titulado "The Effects of Firms' Lobbyinf on Resource Misallocation".

Presenta: Federico Huneeus, economista senior, Banco Central de Chile.

Coautor: In Song Kim, MIT.

Abstract: We study the effect of firms’ lobbying activities on the misallocation of resources in the U.S. through the distortion of firm size. To quantify the macroeconomic consequences of corporate political influence, we develop a multi-sector heterogeneous firm model with endogenous lobbying. We estimate our model using a novel firm-level lobbying dataset, while leveragingthe variation in the returns to lobbying expenditures through changes in the value of firms’ connections to politicians. Finally, we structurally estimate the model and show that eliminating lobbying increases aggregate productivity in the U.S. by 6 percent.

Link al evento.

Saludos cordiales,

Dirección de Investigación