and crowds out investment by more productive entrepreneurs. When this reallocation is strong enough, a fall in the … interest rate reduces aggregate output. A numerical exploration of the model suggests that this reallocation effect i s …-sheet channel. We provide evidence of the reallocation effect u sing U S f i rm-level data. …

We study the interaction of customer capital and productivity through brand reallocation across firms. We develop a … reallocation and the response of sales and prices to reallocation. Quantitatively, brand reallocation reduces welfare. Optimal …

productivity in Europe. The focus is on the reallocation channel and productivity-enhancing reallocation of jobs, following Foster … around estimates, the findings suggest that (1) productivity-enhancing reallocation was weaker in the pandemic than in the … allocated to low-productivity firms showed weaker productivity-enhancing reallocation in 2020. …

reallocation, and short- versus long-run effects. We document higher firm productivity even net of output price increases … at the aggregate level. Neither firm entry and exit nor other forms of employment reallocation between firms contributed …