US cohorts of establishments born in recessions persistently employ fewer workers at entry and over their life cycle, yet are on average more productive than expansionary cohorts; the number of …
PublishedJournal of Monetary EconomicsPublished Oct 2025
Standard measures of capital allocative efficiency—based on the dispersion of the average revenue product of capital (ARPK)—are severely biased when capital utilization is endogenous. When utilization …