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Hurdles to workers' and capital's flow between firms: The roots of sluggish productivity

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Since the financial crisis of 2007, with no seeming reason, productivity growth has been slowing down in all the major economies. Part of the explanation of this productivity puzzle in advanced economies may lie in a generalized difficulty of reallocating resources between firms in the same industry and in the same geographical area, a new study by Gianmarco Ottaviano, Professor of Economics at Bocconi University, and colleagues, finds.

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