讲座题目：Estimating Productivity of Public Infrastructure Investment

　　主讲人：王志峰

　　讲座时间：12月19日(周三)上午10:00-12:00

　　讲座地点：999策略白菜手机论坛A208

　　主办单位：999策略白菜手机论坛经济系

　　讲座摘要：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.

　　主讲人简介：王志峰，经济学博士，湖南大学助理教授。研究方向为发展经济学、国际贸易、城市经济学。已在Singapore Economic Review发表论文并担任China Economic Review等多个期刊的匿名审稿人。