This paper examines the resource mismatch in China's healthcare sector from 2010 to 2019. We use structural efficiency to measure the resource mismatch in the healthcare industry (0.2-0.7). We find that an increase in the proportion of private hospitals decreases the healthcare resource mismatch...

Children tend to choose the same occupations as their parents. We examine the implications of this tendency for talent allocation and intergenerational mobility. Using Swedish data on skills and personality traits, we estimate a general equilibrium Roy model with unequal occupational access...

This paper documents a new consequence of market integration: local reallocation, i.e., the exit of some workers from production even though employment increases in the same area and industry. Thanks to new data on over 150,000 personal bankruptcies combined with detailed microcensus data from...

We develop a methodology to estimate the cost of capital using credit registry microdata, and apply it to study capital allocation efficiency in the United States. Our measure incorporates the contractual interest rate, expected default probability, recovery rate, and expectations of future...