Estimates of total factor productivity growth, a measure of increases in the efficiency of production, have traditionally been based on a two-factor model of labor and fixed capital. Because profits are measured residually in the System of National Accounts, they implicitly include rents on...

Despite the popular view that, with the advent of digital technologies, the world has become flat, geography still plays a key role in the economy. COVID-19 has brought even more awareness of this. This paper studies the impact of security measures that have reduced the mobility of people and...