The growth rate of total factor productivity seems to have increased recently, at least in the United States. Higher US … productivity growth may justify higher stock market valuations than in the past and thus herald an emerging New Economy. However …, the size of the estimated growth rate of total factor productivity depends on an assumption about the factor …

The growth rate of total factor productivity seems to have increased recently, at least in the United States. Higher US … productivity growth may justify higher stock market valuations than in the past and thus herald an emerging New Economy. However …, the size of the estimated growth rate of total factor productivity depends on an assumption about the factor …

We consider a tractable model of heterogeneous production units that features endogenous entry and productivity … standard factor misallocation framework, policy distortions featuring a positive productivity elasticity of distortions imply … larger reductions in output through smaller investments in establishment productivity. A calibrated version of the model …

We consider a tractable model of heterogeneous production units that features endogenous entry and productivity … standard factor misallocation framework, policy distortions featuring a positive productivity elasticity of distortions imply … larger reductions in output through smaller investments in establishment productivity. A calibrated version of the model …