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. While credit subsidies resolve misallocation of resources and enhance aggregate productivity, increased factor prices, in …-level productivity, which allows us to capture the skewed firm size distribution seen in the Business Dynamics Statistics (BDS). We … compare the welfare and aggregate productivity implications of our non-Gaussian process to those of a standard AR(1) process …
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Analyzing data on all U.S. employers in a cohort of entering firms, we document a highly skewed size distribution, such that the largest 5% account for over half of cohort employment at firm birth and more than two-thirds at firm age 7. Little of the size variation is accounted for by industry...
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This paper relates firm-level processes and size distributions of firms at the industry level. An analytically tractable model explores how firm growth, exit, and spinoff activity in combination with systematically appearing growth crises in organizational development translate into specific...
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