We investigate theoretically and empirically the competitive effects of increased trade on prices, productivity and … and significant impact on sectoral prices. Increased openness lowers prices by both reducing markups and raising … productivity rises in a manner that increases over time. Our estimates suggest that EU manufacturing prices fell by 2 …

We use portfolio theory to quantify the efficiency of state-level sectoral patterns of production in the United States … primarily from convergence in the volatility of state output growth, rather than in its average. The realized industry shares of … that financial development has important consequences for efficiency and specialization (or diversification) of investments …

I revisit the relationship between growth and volatility in two different disaggregated datasets. I confirm that growth … and volatility are negatively related across countries, but show that the relation reverses itself across sectors. This … aggregate volatility that is common across sectors that correlates negatively with aggregate growth. Furthermore, while …

We use portfolio theory to quantify the efficiency of state-level sectoral patterns of production in the United States … volatility of state output growth, rather than in its average. The realized industry shares of output also converge faster to … financial development has important consequences for the efficiency and specialization (or diversification) of investments, in a …