New indices of manufacturing output in Norway for the years 1927 to 1948 are presented. The new output estimates show a trend rate of growth of output for the period 1927-1939 that is 0.8 per cent higher per year than the growth rate based on the official index. These findings reinforce the view...

In spite of the large and growing literature on producer heterogeneity and firm exit behavior, little attention has been paid to the vintage capital theory of firm exits as an alternative hypothesis to learning/selection. Interpreted at the firm level the vintage capital theory predicts that...