Misallocation and the Distribution of Global Volatility
研究发现，微观效率决定宏观层面的递减收益，资源错配会减少总体递减收益，从而放大产出对投入波动的反应，且金融一体化对不同扭曲程度经济体的冲击影响不同。
Decreasing returns at the macro level are an outcome of efficiency at the micro level. When inputs are scarce, an efficient economy carries out only the most productive projects; when inputs are abundant, the economy implements less productive projects as well. This link between decreasing returns and efficiency suggests that misallocation can reduce the extent of aggregate decreasing returns. I formalize this connection and establish two main results: (i) misallocation amplifies the volatility of output with respect to fluctuations in inputs; and (ii) financial integration amplifies shocks in relatively distorted economies, but mitigates them in less distorted economies.