Recent research has revealed enormous variation in performance and growth among firms, which both drives and is driven by large reallocations of inputs and outputs across firms (churning) within industries and markets. These differences in firm-level outcomes and the associated turnover of firms...

Output and input market distortions manifest as wedges in the firm's first order conditions. The production approach to markup estimation recovers the markup wedge using the output elasticity for a variable and undistorted input. We show that using the revenue elasticity for any variable input,...

The college experience involves much more than credit hours and degrees. Students likely derive utility from in-person instruction and on-campus social activities. Quantitative measures of the value of these individual components have been hard to come by. Leveraging the COVID-19 shock, we...