There is considerable evidence that producer-level churning contributes substantially to aggregate (industry) productivity growth, as more productive businesses displace less productive ones. However, this research has been limited by the fact that producer-level prices are typically unobserved;...

By exploiting establishment-level data, this paper sheds new light on the sources of the changes in the structure of production, wages, and employment that have occurred over the last several decades. We investigate the following two related hypotheses. First, that most of the recent increase in...