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Financial frictions make firms' ability to expand depend on their wealth, which connects sectoral production and growth to wealth distribution. In a closed economy, relative prices respond to scarcity: initially disadvantaged sectors become more profitable and catch up with initially favored sectors. In an open economy, international markets limit this price response; initially favored sectors accumulate more wealth and account for larger long-run shares of production. I conduct a quantitative analysis using data on Peruvian firms, households, national accounts, tariffs, and international trade, and show that tighter financial constraints and greater trade exposure amplify the persistent effects of initial differences in capital allocation on sectoral specialization.", "occurrence_notes":null, "guid":"151563-21911767@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/151563", "building_id":"1005177", "building_name":"North Quad", "campus_maps_id":"553", "room":"4325", "location_name":"North Quad", "has_livestream":0, "cost":"", "tags":["seminar","International","Economics"], "website":"http:\/\/www.lsa.umich.edu\/econ", "sponsors":[ { "group_name":"Michael Beauregard Seminar in Macroeconomics", "group_id":"3552", "website":"" } ], "image_url":"https:\/\/events.umich.edu\/media\/attachments\/2026\/09\/event_151563_original-1.png", "styled_images":{ "event_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_thumb\/media\/attachments\/2026\/09\/event_151563_original-1.png", "event_large":"https:\/\/events.umich.edu\/media\/cache\/event_large\/media\/attachments\/2026\/09\/event_151563_original-1.png", "event_large_2x":"https:\/\/events.umich.edu\/media\/cache\/event_large_2x\/media\/attachments\/2026\/09\/event_151563_original-1.png", "event_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/event_large_lightbox\/media\/attachments\/2026\/09\/event_151563_original-1.png", "group_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb\/media\/attachments\/2026\/09\/event_151563_original-1.png", "group_thumb_square":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb_square\/media\/attachments\/2026\/09\/event_151563_original-1.png", "group_large":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large\/media\/attachments\/2026\/09\/event_151563_original-1.png", "group_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large_lightbox\/media\/attachments\/2026\/09\/event_151563_original-1.png", "event_large_crop":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_large_crop\/media\/attachments\/2026\/09\/event_151563_original-1.png", "event_list":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_list\/media\/attachments\/2026\/09\/event_151563_original-1.png", "event_list_2x":"https:\/\/events.umich.edu\/media\/cache\/event_list_2x\/media\/attachments\/2026\/09\/event_151563_original-1.png", "event_grid":"https:\/\/events.umich.edu\/media\/cache\/event_grid\/media\/attachments\/2026\/09\/event_151563_original-1.png", "event_grid_2x":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_grid_2x\/media\/attachments\/2026\/09\/event_151563_original-1.png", "event_feature_large":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_feature_large\/media\/attachments\/2026\/09\/event_151563_original-1.png", "event_feature_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_feature_thumb\/media\/attachments\/2026\/09\/event_151563_original-1.png" }, "occurrence_count":1, "first_occurrence":21911767 } , "149560-21906704": { "datetime_modified":"20260921T224823", "datetime_start":"20260929T113000", "datetime_end":"20260929T125000", "has_end_time":1, "date_start":"2026-09-29", "date_end":"2026-09-29", "time_start":"11:30:00", "time_end":"12:50:00", "time_zone":"America\/Detroit", "event_title":"On the Investment Network and Development", "occurrence_title":"", "combined_title":"On the Investment Network and Development: Julieta Caunedo, Cornell University", "event_subtitle":"Julieta Caunedo, Cornell University", "event_type":"Workshop \/ Seminar", "event_type_id":"21", "description":"Capital accumulation, productivity growth and sectoral reallocation are salient features of economic development. These features are interconnected through the means for production and heterogeneous uses of different capital types across sectors, i.e. the investment network. Our paper introduces the first harmonized measures of the investment network across the development spectrum and documents novel empirical regularities, including systematic changes in the network with development. We propose a simple theory linking these disparities, which are endogenous to the path of sectoral prices, to differences in income per capita across countries. We show that the elasticity of output to sectoral productivity depends on the investment network, is highest in the Construction sector in developing countries, and in the ICT and Service sector in developed countries. Forces related to structural change, sectoral productivity and shifts in sectoral linkages drive this heterogeneity. For our sample of 58 countries, we show that 28% of cross-country differences in income per capita can be accounted for by disparities in the investment network. These differences are twice as large as the role of capital in income disparities obtained from standard development accounting.", "occurrence_notes":null, "guid":"149560-21906704@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/149560", "building_id":"1005177", "building_name":"North Quad", "campus_maps_id":"553", "room":"4325", "location_name":"North Quad", "has_livestream":0, "cost":"", "tags":["Macroeconomics","Economics","seminar"], "website":"http:\/\/www.lsa.umich.edu\/econ", "sponsors":[ { "group_name":"Michael Beauregard Seminar in Macroeconomics", "group_id":"3552", "website":"" } ], "image_url":"https:\/\/events.umich.edu\/media\/attachments\/2026\/07\/event_149560_original-1.png", "styled_images":{ "event_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_thumb\/media\/attachments\/2026\/07\/event_149560_original-1.png", "event_large":"https:\/\/events.umich.edu\/media\/cache\/event_large\/media\/attachments\/2026\/07\/event_149560_original-1.png", "event_large_2x":"https:\/\/events.umich.edu\/media\/cache\/event_large_2x\/media\/attachments\/2026\/07\/event_149560_original-1.png", "event_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/event_large_lightbox\/media\/attachments\/2026\/07\/event_149560_original-1.png", "group_thumb":"https:\/\/events.umich.edu\/media\/cache\/group_thumb\/media\/attachments\/2026\/07\/event_149560_original-1.png", "group_thumb_square":"https:\/\/events.umich.edu\/media\/cache\/group_thumb_square\/media\/attachments\/2026\/07\/event_149560_original-1.png", "group_large":"https:\/\/events.umich.edu\/media\/cache\/group_large\/media\/attachments\/2026\/07\/event_149560_original-1.png", "group_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/group_large_lightbox\/media\/attachments\/2026\/07\/event_149560_original-1.png", "event_large_crop":"https:\/\/events.umich.edu\/media\/cache\/event_large_crop\/media\/attachments\/2026\/07\/event_149560_original-1.png", "event_list":"https:\/\/events.umich.edu\/media\/cache\/event_list\/media\/attachments\/2026\/07\/event_149560_original-1.png", "event_list_2x":"https:\/\/events.umich.edu\/media\/cache\/event_list_2x\/media\/attachments\/2026\/07\/event_149560_original-1.png", "event_grid":"https:\/\/events.umich.edu\/media\/cache\/event_grid\/media\/attachments\/2026\/07\/event_149560_original-1.png", "event_grid_2x":"https:\/\/events.umich.edu\/media\/cache\/event_grid_2x\/media\/attachments\/2026\/07\/event_149560_original-1.png", "event_feature_large":"https:\/\/events.umich.edu\/media\/cache\/event_feature_large\/media\/attachments\/2026\/07\/event_149560_original-1.png", "event_feature_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_feature_thumb\/media\/attachments\/2026\/07\/event_149560_original-1.png" }, "occurrence_count":1, "first_occurrence":21906704 } , "149561-21906705": { "datetime_modified":"20260904T102731", "datetime_start":"20261006T113000", "datetime_end":"20261006T125000", "has_end_time":1, "date_start":"2026-10-06", "date_end":"2026-10-06", "time_start":"11:30:00", "time_end":"12:50:00", "time_zone":"America\/Detroit", "event_title":"Did R&D Misallocation Contribute to Slower Growth?", "occurrence_title":"", "combined_title":"Did R&D Misallocation Contribute to Slower Growth?: Nils Lehr, International Monetary Fund", "event_subtitle":"Nils Lehr, International Monetary Fund", "event_type":"Workshop \/ Seminar", "event_type_id":"21", "description":"This paper provides evidence that rising misallocation in the R&D sector con- tributed to the recent slowdown in U.S. productivity growth. I develop a growth accounting framework allowing for misallocation of R&D resources across firms cap- tured by wedges between their marginal costs and benefits of R&D. I show that R&D wedges can be measured from R&D returns and document large and persistent differ- ences in R&D returns across U.S.-listed firms. Combining data and model, I estimate that frictions reduced productivity growth by 11% over 1975\u20132014 and that rising misallocation in the R&D sector accounts for 32% of the growth slowdown.", "occurrence_notes":null, "guid":"149561-21906705@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/149561", "building_id":"1005177", "building_name":"North Quad", "campus_maps_id":"553", "room":"4325", "location_name":"North Quad", "has_livestream":0, "cost":"", "tags":["seminar","Economics","Macroeconomics"], "website":"http:\/\/www.lsa.umich.edu\/econ", "sponsors":[ { "group_name":"Michael Beauregard Seminar in Macroeconomics", "group_id":"3552", "website":"" } ], "image_url":"https:\/\/events.umich.edu\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "styled_images":{ "event_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_thumb\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", 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