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Misallocation, Economic Growth, and Input-Output Economics

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  • Charles I. Jones

Abstract

One of the most important developments in the growth literature of the last decade is the enhanced appreciation of the role that the misallocation of resources plays in helping us understand income differences across countries. Misallocation at the micro level typically reduces total factor productivity at the macro level. Quantifying these effects is leading growth researchers in new directions, two examples being the extensive use of firm-level data and the exploration of input-output tables, and promises to yield new insights on why some countries are so much richer than others.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 16742.

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Date of creation: Jan 2011
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Publication status: published as "Misallocation, Input-Output Economics, and Economic Growth" in D. Acemoglu, M. Arellano, and E. Dekel, Advances in Economics and Econometrics, Tenth World Congress, Volume II, Cambridge University Press, 2013.
Handle: RePEc:nbr:nberwo:16742

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  1. Susanto Basu, 1994. "Intermediate Goods and Business Cycles: Implications for Productivity and Welfare," NBER Working Papers 4817, National Bureau of Economic Research, Inc.
  2. Timothy Cogley & James M. Nason, 1993. "Output dynamics in real business cycle models," Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco 93-10, Federal Reserve Bank of San Francisco.
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  4. Laura Alfaro & Andrew Charlton & Fabio Kanczuk, 2009. "Plant-Size Distribution and Cross-Country Income Differences," NBER Chapters, in: NBER International Seminar on Macroeconomics 2008, pages 243-272 National Bureau of Economic Research, Inc.
  5. Xavier Gabaix, 2005. "The Granular Origins of Aggregate Fluctuations," 2005 Meeting Papers, Society for Economic Dynamics 470, Society for Economic Dynamics.
  6. Diego Restuccia & Richard Rogerson, 2008. "Policy Distortions and Aggregate Productivity with Heterogeneous Plants," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(4), pages 707-720, October.
  7. Xu Yi & Nezih Guner & Gustavo Ventura, 2005. "Macroeconomic Implications of Size Dependent Policies," 2005 Meeting Papers, Society for Economic Dynamics 530, Society for Economic Dynamics.
  8. Virgiliu Midrigan & Daniel Yi Xu, 2014. "Finance and Misallocation: Evidence from Plant-Level Data," American Economic Review, American Economic Association, American Economic Association, vol. 104(2), pages 422-58, February.
  9. Lagos, R., 2001. "A Model of TFP," Working Papers, C.V. Starr Center for Applied Economics, New York University 01-08, C.V. Starr Center for Applied Economics, New York University.
  10. James A. Schmitz Jr., 2005. "What Determines Productivity? Lessons from the Dramatic Recovery of the U.S. and Canadian Iron Ore Industries Following Their Early 1980s Crisis," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 113(3), pages 582-625, June.
  11. Andrés Erosa & Tatyana Koreshkova & Diego Restuccia, 2010. "How Important Is Human Capital? A Quantitative Theory Assessment of World Income Inequality," Review of Economic Studies, Oxford University Press, vol. 77(4), pages 1421-1449.
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  13. Dupor, Bill, 1999. "Aggregation and irrelevance in multi-sector models," Journal of Monetary Economics, Elsevier, Elsevier, vol. 43(2), pages 391-409, April.
  14. Chad Syverson, 2011. "What Determines Productivity?," Journal of Economic Literature, American Economic Association, vol. 49(2), pages 326-65, June.
  15. Timothy G. Conley & Bill Dupor, 2003. "A Spatial Analysis of Sectoral Complementarity," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 111(2), pages 311-352, April.
  16. William R. Hauk & Romain Wacziarg, 2004. "A Monte Carlo Study of Growth Regressions," NBER Technical Working Papers 0296, National Bureau of Economic Research, Inc.
  17. Romer, Paul, 1994. "New goods, old theory, and the welfare costs of trade restrictions," Journal of Development Economics, Elsevier, Elsevier, vol. 43(1), pages 5-38, February.
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Cited by:
  1. Garicano, Luis & Lelarge, Claire & Van Reenen, John, 2013. "Firm Size Distortions and the Productivity Distribution: Evidence from France," IZA Discussion Papers 7241, Institute for the Study of Labor (IZA).
  2. Daron Acemoglu & Ufuk Akcigit & Nicholas Bloom & William R. Kerr, 2013. "Innovation, reallocation and growth," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 51556, London School of Economics and Political Science, LSE Library.
  3. Vollrath, Dietrich, 2014. "The efficiency of human capital allocations in developing countries," Journal of Development Economics, Elsevier, Elsevier, vol. 108(C), pages 106-118.
  4. Ariel Zetlin-Jones & Ali Shourideh, 2012. "External Financing and the Role of Financial Frictions over the Business Cycle: Measurement and Theory," 2012 Meeting Papers, Society for Economic Dynamics 321, Society for Economic Dynamics.
  5. Serguey Braguinsky & Lee G. Branstetter & Andre Regateiro, 2011. "The Incredible Shrinking Portuguese Firm," NBER Working Papers 17265, National Bureau of Economic Research, Inc.

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