the data. Our model, following an empirically plausible productivity drop, produces changes in the steady state levels of …

and older vintages of fixed capital. To restore economic dynamism, Japan must encourage productivity growth. Using panel … quality of labor and capital that influence productivity. Our research contributes three significant findings. (1) The older … the average age of a firm’s employees or the longer their seniority, the higher the firms productivity growth, but it is …