Why are some countries so much richer than others? Development Accounting is a first-pass
attempt at organizing the answer around two proximate determinants: factors of production …

Growth theory has traditionally assumed the existence of an aggregate production function,
whose existence and properties are closely tied to the assumption of optimal resource …

The stability of the labor share of income is a key foundation in macroeconomic models. We
document, however, that the global labor share has significantly declined since the early …

This paper documents the downward trend in the labor share of global income since the
early 1990s, as well as its heterogeneous evolution across countries, industries and worker …

We describe the theory and practice of real GDP comparisons across countries and over
time. Version 8 of the Penn World Table expands on previous versions in three respects …

The global financial crisis has made it painfully clear that powerful psychological forces are
imperiling the wealth of nations today. From blind faith in ever-rising housing prices to …

Labor Share Decline and Intellectual Property Products Capital - Koh - 2020 - Econometrica -
Wiley Online Library Skip to Article Content Skip to Article Information Wiley Online Library Wiley …

I develop a highly tractable general equilibrium model in which heterogeneous producers
face collateral constraints, and study the effect of financial frictions on capital misallocation …

We formulate a version of the growth model in which production is carried out by
heterogeneous establishments and calibrate it to US data. In the context of this model we …

We develop a quantitative framework to explain the relationship between aggregate/sector-
level total factor productivity (TFP) and financial development across countries. Financial …