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Gormsen, Niels; Huber, Kilian - National Bureau of Economic Research - 2024

We study hand-collected data on firms' perceptions of their cost of capital. Firms with higher perceived cost of capital earn higher returns on invested capital and invest less, suggesting that the perceived cost of capital shapes long-run capital allocation. The perceived cost of capital is...

Persistent link: https://www.econbiz.de/10014576640

Beware the Side Effects : Capital Controls, Trade, Misallocation and Welfare

Andreasen, Eugenia; Bauducco, Sofía; Dardati, Evangelina; … - National Bureau of Economic Research - 2023

We show that capital controls have large adverse effects on misallocation, exports and welfare using a dynamic Melitz-OLG model with heterogeneous firms, monopolistic competition, endogenous trade participation and collateral constraints. Static effects increase misallocation by reducing...

Persistent link: https://www.econbiz.de/10014226160

Global Universal Basic Skills : Current Deficits and Implications for World Development

Gust, Sarah; Hanushek, Eric Alan; Woessmann, Ludger - National Bureau of Economic Research - 2022

How far is the world away from ensuring that every child obtains the basic skills needed to be internationally competitive? And what would accomplishing this mean for world development? Based on the micro data of international and regional achievement tests, we map achievement onto a common...

Persistent link: https://www.econbiz.de/10013435128

Structural Change Within versus Across Firms : Evidence from the United States

Ding, Xiang; Fort, Teresa C.; Redding, Stephen; Schott, … - National Bureau of Economic Research - 2022

-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 …

Persistent link: https://www.econbiz.de/10013334346

Investing with the Government : A Field Experiment in China

Colonnelli, Emanuele; Li, Bo; Liu, Ernest - National Bureau of Economic Research - 2022

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

Persistent link: https://www.econbiz.de/10013334380

Is GDP Becoming Obsolete? The "Beyond GDP" Debate

Hulten, Charles R.; Nakamura, Leonard Isamu - National Bureau of Economic Research - 2022

GDP is a closely watched indicator of the current health of the economy and an important tool of economic policy. It has been called one of the great inventions of the 20th Century. It is not, however, a persuasive indicator of individual wellbeing or economic progress. There have been calls to...

Persistent link: https://www.econbiz.de/10013334414

Tertiarization Like China

Chen, Xilu; Pei, Guangyu; Song, Zheng Michael; … - National Bureau of Economic Research - 2022

of the service sector have increased significantly. Moreover, total factor productivity growth has increased faster in … growth accounting methodologies, including the recent method proposed by Fan, Peters, and Zilibotti (2022) that gets around …

Persistent link: https://www.econbiz.de/10013334489

Trading Places : Mobility Responses of Native and Foreign-Born Adults to the China Trade Shock

Autor, David H.; Dorn, David; Hanson, Gordon H. - National Bureau of Economic Research - 2023

Previous research finds that the greater geographic mobility of foreign than native-born workers following economic shocks helps to facilitate local labor market adjustment to shifting regional economic conditions. We examine the role that immigration may have played in enabling U.S. commuting...

Persistent link: https://www.econbiz.de/10013537796

Economies of Density and Congestion in the Sharing Economy

Caunedo, Julieta; Kala, Namrata; Zhang, Haimeng - National Bureau of Economic Research - 2022

The sharing economy for a wide range of goods and services is expanding across the world. To direct the benefits from sharing capital services towards small-scale producers, governments in the developing world are increasingly intervening in fast-growing mechanization rental markets. However,...

Persistent link: https://www.econbiz.de/10013477281

Bottlenecks : Sectoral Imbalances and the US Productivity Slowdown

Acemoglu, Daron; Autor, David H.; Patterson, Christina - National Bureau of Economic Research - 2023

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 … productivity gains. Using data on input-output linkages, citation linkages, industry productivity growth and patenting, we find …

Persistent link: https://www.econbiz.de/10014322814