Productivity and Misallocation in General Equilibrium

David Rezza Baqaee, Emmanuel Farhi

NBER Working Paper No. 24007
Issued in November 2017, Revised in October 2020

---- Acknowledgments ----

We thank Philippe Aghion, Pol Antras, Andrew Atkeson, Susanto Basu, John Geanakoplos, Ben Golub, Gita Gopinath, Dale Jorgenson, Marc Melitz, Ben Moll, Matthew Shapiro, Dan Trefler, Venky Venkateswaran and Jaume Ventura for their valuable comments. We are especially grateful to Natalie Bau for detailed conversations. We thank German Gutierrez, Thomas Philippon, Jan De Loecker, and Jan Eeckhout for sharing their data. We thank Thomas Brzustowski and Maria Voronina for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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