The Dynamics of Development: Innovation and Reallocation
构建了一个内生企业动态的量化模型，研究改革引发的增长加速。模型发现，消除进入扭曲能带来全要素生产率的持续增长和平均企业规模下降，而消除特定企业扭曲则导致生产率增长更缓慢、平均企业规模上升。校准到中国自由化改革后，模型解释了观察到的全要素生产率增长的三分之一，并匹配了平均企业规模和收入不平等的动态。
This paper proposes a quantitative model of endogenous firm dynamics to study growth-acceleration episodes triggered by reforms. We find that reversals of entry distortions lead to persistent growth in TFP and declining average firm size, as in the experience of successful postcommunist transitions. Removing idiosyncratic distortions results in a more protracted path of TFP and a rising average firm size, as in noncommunist growth accelerations. When calibrating the reforms to China's liberalization, we find that the model accounts for one-third of the observed growth in TFP while matching the dynamics of average firm size and income inequality.