I document that cross-country productivity differences in retail trade, which employs around 20% of workers, are … used and retail-sector productivity differences across countries. …

Suppose firms are subject to decreasing returns and permanent idiosyncratic productivity shocks. Suppose also firms can … productivity shocks tend to survive and others are forced to exit. This paper identifies assumptions about entry that guarantee a … stationary firm size distribution and lead to balanced growth. The range of technology diffusion mechanisms that can be …

are relaxed, the empirical support for the CAPM is very strong. When human capital is also included in measuring wealth …

A Beckerian model of household production is developed to study the allocation of capital and time between market and … the market, labor interacts with business capital to produce market goods and services, and likewise at home the remaining … time, leisure, is combined with household capital to produce home goods and services. The theoretical model presented is …

We construct a model where capital competes with fiat money as a medium of exchange, and we establish conditions on … fundamentals under which fiat money can be both valued and socially beneficial. When the socially efficient stock of capital is too … Rule, fiat money provides just enough liquidity so that agents choose to accumulate the same capital stock a social planner …

Capital accumulation and creative destruction is modeled together with risk-averse households. The novel aspect …

organization capital. Theory suggests that where plants are in the life cycle determines the size of the payments, or dividends …, plant owners receive from organization capital. These payments are compensation for the interest cost to plant owners of … payments plant owners receive from physical capital, net of new investment, and more than 40% of payments from all forms of …

This paper develops a two-country model in which trade is central to the process by which technology diffuses from the … decrease the rate of technology adoption, leading to a lower steady state relative income level in South. The model is … calibrated to quantify this negative impact of barriers to trade and technology adoption on relative income levels and explore …

acceleration of the pace of industry evolution leads in the short run to a net loss of information capital, a drop in productivity … that it is costly to close old enterprises and open new enterprises because, in doing so, information capital built up … about old enterprises is lost and time must pass before information capital about new enterprises can be acquired. Thus, an …

'resistance to technology' explanation. In particular, the paper attempts to understand why some industries, like the construction …