We propose a sectoral–shift theory of aggregate factor productivity for a class of economies with AK technologies … persistent endogenous fluctuations in the sectoral distribution of physical capital which, in turn, responds to reversible … exogenous shifts in relative sector productivities. Surplus capital from less productive sectors is lent to more productive ones …

total factor productivity (TFP) and static measures of capital misallocation within a country. Using data on 5 … between productivity volatility and the dispersion of the marginal revenue product of capital (static capital misallocation … time-series volatility of productivity are also characterized by greater cross-sectional dispersion in productivity …

total factor productivity (TFP) and static measures of capital misallocation within a country. Using data on 5 … between productivity volatility and the dispersion of the marginal revenue product of capital (static capital misallocation … time-series volatility of productivity are also characterized by greater cross-sectional dispersion in productivity …