Demand or productivity: what determines firm growth?
利用意大利企业层面的价格数据，分离需求和生产率对增长的贡献，发现两者同样重要，但冲击传导不完全且不对称，摩擦阻碍企业重组是原因之一。
We disentangle the contribution of unobserved heterogeneity in demand and productivity to firm growth using Italian data containing unique information on firm‐level prices. Demand and total factor productivity (TFP) shocks are equally important in shaping firm growth. However, the pass‐through of shocks to growth is highly incomplete, more so for productivity shocks. We argue that incompleteness and asymmetry of the pass‐through can be explained by frictions that, unlike those studied by the literature on factor misallocation, have differential effects according to the nature of the shock. We propose hurdles to firms' ability to reorganize as an example of these types of frictions.