The textbook neoclassical growth model says countries whose productivity is catching up should invest more and import more capital. Across 68 developing countries over 1980-2000 the cross-country …
PublishedQuarterly Journal of EconomicsOnline 22 Jul 2025Published Oct 2025
This paper constructs the first estimates of the aggregate and distributional effects of worldwide educational expansion since 1980 by developing a "distributional growth accounting" framework that …
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 …
India liberalised foreign equity investment industry by industry in 2001 and 2006, and that staggered timing identifies what the policy did to the *distribution* of capital rather than only its level. …
PublishedClassicQuarterly Journal of EconomicsPublished Nov 2009
In a monopolistic-competition model with heterogeneous firms, a plant's revenue productivity should be equalised within an industry unless the plant faces distortions -- so the dispersion of revenue …
This paper asks why so much labor stays in low-productivity agriculture in developing countries, and treats the county-by-county rollout of China's New Rural Pension Scheme (NRPS) between 2009 and …
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 …
If two countries produce the same good with the same constant-returns technology, diminishing returns imply the poorer one has the higher marginal product of capital -- and on 1988 data, US output per …