returns to scale. Furthermore, the paper gives a decomposition of the traditional measure of total factor productivity growth …

efficiency-based productivity growth rates to exceed observed productivity growth in the slowdown period of 1974 - 1995 …

We propose a theory linking imperfect information to resource misallocation and hence to aggregate productivity and … US, China, and India reveals substantial losses in productivity and output due to the informational friction. Our … estimates for these losses range from 7-10% for productivity and 10-14% for output in China and India, and are smaller, though …

efficiency-based productivity growth rates to exceed observed productivity growth in the slowdown period of 1974 - 1995 …