- 1 Introduction
- 2 The Facts
- 2.1 A Brief Data Description
- 2.2 Main Facts
- 2.3 Robustness
- 3 TheModel
- 3.1 Firms
- 3.2 Households
- 3.3 Recursive Equilibrium
- 3.4 Solution
- 4 Calibration
- 4.1 Baseline
- 4.2 Variants of the Driving Processes
- 5 Results
- 5.1 Baseline Results
- 5.2 Robustness Checks
- 6 Final Remarks
- A Appendix A - Data Appendix
- A.1 Description of the Sample
- A.2 Capital Stocks
- A.3 Labor Inputs
- A.4 Solow Residual Calculation
- A.5 Cross-sectional Dispersion Data
- B Appendix B - Robustness
- B.1 Further Robustness on the Empirical Results
- B.2 Further Robustness on the Simulation Results
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