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Technology-based ("FinTech") lenders increased their market share of U.S. mortgage lending from 2 percent to 8 percent …
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The U.S. economy has been going through a striking structural transformation - the secular reallocation of employment across sectors - over the past several decades. We propose a decomposition framework to assess the contributions of various margins of firm dynamics to this shift. Using...
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We study the implications of microeconomic heterogeneity for aggregate technology, showing that the aggregate … manufacturing sector, and estimate an aggregate elasticity of approximately 0.72 in 1987. We find that the aggregate elasticity has …
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