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 …

Racial social isolation within and across workplaces may reduce firm productivity. We provide descriptive evidence that … African-Americans feel socially isolated from Whites. To test whether isolation affects productivity, we estimate models of … Total Factor Productivity for manufacturing firms allowing returns to local area concentrations of economic activity and …

rates and house prices. Some Chinese banks, especially the Bank of China, have been exposed to the US mortgage … replicated in China. This paper shows that there are some significant differences between China and the West, especially the US … and the UK. Compared with the US and other western industrialized economies, the booming house market in China has been …