Macro and Micro Dynamics of Productivity: From Devilish Details to Insights
研究了两种常见企业层面生产率度量（基于收入的扭曲指标和基于收入函数的残差指标）在美国制造业数据中的相关性、离散度及其与增长、生存的关系，发现两者高度相似但区分它们对评估资源配置效率水平及下降至关重要。
Firm-level, revenue-based productivity measures are ubiquitous in studies of firm dynamics and aggregate outcomes. One common measure is increasingly interpreted as reflecting “distortions” since in distortions’ absence, equalization of marginal revenue products should yield no dispersion in this measure. Another common but distinct measure is the residual of the firm-level revenue function, which reflects “fundamentals.” Using micro-level US manufacturing data, we find these alternative measures are highly correlated, exhibit similar dispersion, and have similar relationships with growth and survival. However, the distinction between these alternative measures is critically important for quantitative assessment of the level and decline of allocative efficiency.