Productivity-enhancing employment reallocation during the Covid-19 pandemic
利用11个欧元区国家2000年代初至2020年的企业数据，研究新冠疫情如何通过就业增长对生产力的响应来影响企业生产力，发现疫情期间生产力提升型重新配置弱于大衰退时期。
Abstract This paper studies how the Covid-19 pandemic affected firm productivity. The focus is on the reallocation channel measured by the responsiveness of firm employment growth to productivity. The analysis leverages high-quality firm-level data covering 11 euro area countries over 2 decades, from the early 2000s to 2020 in most sample countries. The results show that: (1) Productivity-enhancing reallocation has weakened over time, with its contribution to aggregate productivity declining in the majority of the sample countries. (2) The strength of this reallocation process varies largely across countries, accounting for 0.7–5.2 log points of aggregate yearly productivity growth. (3) Various estimation approaches and productivity proxies suggest that productivity-enhancing reallocation was weaker in more countries during the pandemic than in the Great Recession.