The paper uses a partial equilibrium model to simulate times series on inputs utilization rates--capital utilization and labor effort--for 10 OECD countries. The resulting series are filtered from standard measures of the Solow residual. The main findings are as follows: once variable inputs...

We document that the deregulation of bank branching restrictions in the United States triggered a reallocation across sectors, with end effects on state-level volatility. The change cannot be explained simply by shifts in sector-level returns and volatility. A reallocation effect is at play,...