Growth Accounting with Misallocation: Or, Doing Less with More in Singapore
研究在资本补贴和垄断导致资源错配的两部门经济中，如何从底层测算技术增长和重新配置效应，并以新加坡为例解释其全要素生产率估算分歧和亚洲发展谜题。
We show that in a two-sector economy with heterogeneous capital subsidies and monopoly power, primal and dual measures of TFP growth can diverge from each other as well as from true technology. These distortions give rise to dynamic reallocation effects that imply technology growth needs to be measured from the bottom up rather than from the top down. Using Singapore as an example, we show how incomplete data can be used to estimate aggregate and sectoral technology growth as well as reallocation effects. Our framework can reconcile divergent TFP estimates in Singapore and can resolve other empirical puzzles regarding Asian development.