lowers long-run aggregate productivity by 5% in a benchmark model. Forcing all firms to apply the same cost of capital would …

Chilean encaje, the model yields higher aggregate misallocation with larger effects on exporters and high-productivity firms …

-manufacturing employment growth from 1977-2019. Exploiting data on firms' "auxiliary" establishments, we develop a novel measure of proprietary … in-house knowledge and show that it is associated with increased growth and industry switching. We rationalize this …-house confers a sector-neutral productivity advantage facilitating within-firm structural transformation. Consistent with the model …

high-growth entrepreneurs. Our respondents together account for nearly $1 trillion in assets under management. Each …

of the service sector have increased significantly. Moreover, total factor productivity growth has increased faster in …We document a process of rapid tertiarization of the Chinese economy since 2005. The employment and value-added shares … services have also grown significantly in terms of both value-added share and productivity. The results are robust to different …

affects an industry's own TFP growth and innovation. Our estimates suggest that a substantial share of the productivity … productivity growth has been disappointing since the 1970s. We propose and empirically explore the hypothesis that slow growth …'s success in innovation depends on complementary innovations among its input suppliers, rapid productivity growth that is …