Dong, Feng; Wang, Pengfei; Wen, Yi - 2018 - This version: July, 2018
than those of new capital goods, and (iii) the dispersion of firms' TFP or MPK (or the bene t of capital reallocation) is … frictions and endogenous movements in the distribution of rm-level TFP (or MPK) and interactions between used-capital investment … capital are more volatile than that of new investment and the dispersion of firm TFP is countercyclical …