HETEROGENEOUS FIRMS MODELS AND FINANCIAL MARKET FRICTIONS

The common thread in this thesis is represented by general equilibrium models with heterogeneous firms. Initiated by Huggett (1993) and Aiyagari (1994), a strand of general equilibrium literature characterized by the distribution of heterogeneous individuals has been developed. In recent years, the introduction of heterogeneity in macroeconomics increased exponentially. The thesis is developed in this context. The first chapter provides a methodological analysis. It examines the importance of the modelization choice of the idiosyncratic productivity process of individuals. The second chapter proposes a theoretical model which can be able to reconcile four important facts shared by most of the advanced economies around the world: declining labor share of income, rising capital misallocation, low total factor productivity growth and the declining relative price of investment goods.