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This paper formulates a model of turbulent endogenous growth. Turbulence denotes the endogenous job reallocation due to entry, exit, and churning (movements within the firm-size distribution). The insight central to the model is that the forces that drive aggregate growth also drive turbulence because the two are manifestations of a single underlying process: competition for market share.
Work In Progress
Innovation over the Business Cycle: Recoveries and the Permanent Effects of Recessions
This paper presents an endogenous growth model to account for the permanent effect of the business cycle on aggregate productivity.
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