This paper assesses the productivity puzzle critically and gives an outlook on the COVID-19 crisis. It offers two main … conclusions. First, it posits that a large fraction of the productivity puzzle can be solved by incorporating intangible capital … into the asset boundary of the national accounts. Thus, the productivity puzzle is largely explained as a consequence of …

A large body of work has highlighted the importance of employment reallocation as a driver of aggregate productivity … productivity variation across firms. As many theories would predict, worker flows from lower- to higher-productivity firms are … occur “down the firm productivity ladder.” This process is also highly heterogeneous along several dimensions. Up …

, the link of firm-level employment turnover with firm-level growth in labour productivity. The results suggest that while … the firm level, contributed more to productivity changes than did other firm-level characteristics and industry …-level factors affecting productivity. Finally, we find that the rate of employment changes in Bulgarian firms has a significant …