We propose a theory linking imperfect information to resource misallocation and hence to aggregate productivity and … US, China, and India reveals substantial losses in productivity and output due to the informational friction. Our … estimates for these losses range from 7-10% for productivity and 10-14% for output in China and India, and are smaller, though …

We build a model of firm-level innovation, productivity growth and reallocation featuring endogenous entry and exit. A …

tariff in either sector boosts the size and productivity of that sector, raising welfare. While these forces are reinforced … potential productivity benefits. The welfare benefits of final-good tariffs thus tend to be larger, with the optimal degree of …

relationship to both (i) institutional constraints, and (ii) productivity …

Resource misallocation can lower aggregate total factor productivity (TFP). We use micro data on manufacturing …

The empirical literature finds mixed evidence on the existence of positive productivity externalities in the host … relative productivity of the foreign firm leads to higher additional growth in financially developed economies compared to …

total factor productivity (TFP) and by the capital stock per capita. These variables suffice to calculate welfare changes …

prices with those that pass a reservation level of match productivity. Global supply chains are formed in anticipation of …