How Destructive is Innovation?

Daniel Garcia-Macia, Chang-Tai Hsieh, Peter J. Klenow

NBER Working Paper No. 22953
Issued in December 2016, Revised in May 2018

---- Acknowledgments ----

We thank Ufuk Akcigit, Andy Atkeson, Michael Peters, Paul Romer, Jaume Ventura, Gianluca Violante, and four anonymous referees for very helpful comments. For financial support, Hsieh is grateful to the Polsky Center at Chicago and Klenow to the Stanford Institute for Economic Policy Research (SIEPR). Any opinions and conclusions expressed herein are those of the authors and do not necessarily represent the views of the U.S. Census Bureau, the IMF, its Executive Board, its management, or the National Bureau of Economic Research. All results have been reviewed by the U.S. Census Bureau to ensure no confidential information is disclosed.

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