This paper asks how persistent increases in international migrant income prospects affect long-run economic development in migrant-origin areas. The central question is whether Philippine provinces …
PublishedJournal of Monetary EconomicsOnline 1 Apr 2026Published Apr 2026
This paper quantifies how idiosyncratic firm-level risk affects aggregate output, TFP, and firm life-cycle growth in an environment where firm productivity evolves endogenously through risky …
PublishedClassicQuarterly Journal of EconomicsPublished May 2007
Backing the marginal product of capital straight out of output, the capital stock and the capital share gives a return in poor countries more than twice that in rich ones -- until two corrections are …
Measured firm by firm from accounting and stock-market data rather than imputed from national accounts, the marginal product of capital really is higher in poorer countries -- but inflation-adjusted …