Macro and Micro Dynamics of Productivity: From Devilish Details to Insights

• 成果类型: Article
• 署名作者: Blackwood, G. Jacob; Foster, Lucia S.; Grim, Cheryl A.; Haltiwanger, John; Wolf, Zoltan
• 署名单位: Amherst College; University System of Maryland; University of Maryland College Park
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20170282
• 发表日期: 2021
• 页码: 142-172
• 关键词: aggregate productivity; EFFICIENCY; markups; misallocation; reallocation; turnover; GROWTH; prices; plants; FIRMS

摘要

Firm-level, revenue-based productivity measures are ubiquitous in studies of firm dynamics and aggregate outcomes. One common measure is increasingly interpreted as reflecting distortions since in distortions' absence, equalization of marginal revenue products should yield no dispersion in this measure. Another common but distinct measure is the residual of the -firm-level revenue function, which reflects fundamentals. Using-micro-level US manufacturing data, we find these alternative measures are highly correlated, exhibit similar dispersion, and have similar relationships with growth and survival. However, the distinction between these alternative measures is critically important for quantitative assessment of the level and decline of allocative efficiency.