The DOI matches its Crossref record; 61 of the 67 references it cites were found in a registry or an index.
“Productivity and Misallocation in General Equilibrium”
Open accessAbstract
This paper develops a general theory of aggregation in inefficient economies. We provide nonparametric formulas for aggregating microeconomic shocks in economies with distortions such as taxes, markups, frictions to resource reallocation, financial frictions, and nominal rigidities. We allow for arbitrary elasticities of substitution, returns to scale, factor mobility, and input-output network linkages. We show how to separately measure changes in technical and allocative efficiency. We also show how to compute the social cost of distortions. We pursue applications focusing on firm-level markups in the United States. We find that improvement in allocative efficiency, due to the reallocation over time of market share to high-markup firms, accounts for about half of aggregate TFP growth over the period 1997–2015. We also find that eliminating the misallocation resulting from the large and dispersed markups estimated in the data would raise aggregate TFP by about 15%, increasing the economy-wide cost of monopoly distortions by two orders of magnitude compared with the famous 0.1% estimate by Harberger (1954). These exact numbers should be interpreted with care because the data are imperfect and require substantial imputation.
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“The pattern underscores the centrality of superstar firms for the evolution of the markup consistent with the findings in de Loecker, Eeckhout, and Unger (2018) and Baqaee and Farhi (2020).”
From The Fall of the Labor Share and the Rise of Superstar Firms* (2020) · cites this paper as Baqaee and Farhi (2020)
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Citations
Cites
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Metadata
- Authors
- Baqaee, D. R., & Farhi, E.
- Affiliations
- University of California, Los Angeles (US)
- Harvard University (US)
- ORCID
- Farhi, Emmanuel
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2019-09-24
- Volume
- 135
- Issue
- 1
- Pages
- 105-163
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2765215599
- Cited by
- 648
- References
- 67
- Citations by year
- 2026: 99 · 2025: 110 · 2024: 91 · 2023: 95 · 2022: 72 · 2021: 64 · 2020: 58 · 2019: 28
- FWCI
- 55.62
- Type
- journal article
- Language
- en
- Open access
- green
- doi.org
- Licence
- academic.oup.com/journals/pages/open_access/funder_policies/chorus/standard_publication_model (vor)
- Locations
- The Quarterly Journal of Economics (publishedVersion)
- National Bureau of Economic Research (publishedVersion)
- London School of Economics and Political Science Research Online (London School of Economics and Political Science) (acceptedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- London School of Economics and Political Science Research Online (London School of Economics and Political Science) (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Growth and Productivity
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Global trade and economics
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Keywords
- resource misallocation, allocative efficiency, technical efficiency, markups, total factor productivity growth, market share reallocation, factor mobility, financial frictions, nominal rigidities, tax distortions
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