We use detailed product- and firm-level data to study the sources of innovation and the patterns of productivity growth … productivity dynamics. Our estimates suggest that the decline in product reallocation through these margins has contributed greatly …

the market during bad times. Second, when we look at total factor productivity (TFP), we don't see a clear "cleansing …

This paper shows that rising real estate prices reduce industry productivity, because they lead to a reallocation of … labor towards inefficient firms. This has significant negative consequences for aggregate industry productivity. I find that … industries with stronger growth in real estate value see a significant reduction in total factor productivity growth. A 10 …