Peter J. Klenow
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View article: Data and Code for: Race and Economic Well-Being in the United States
Data and Code for: Race and Economic Well-Being in the United States Open
We construct a measure of consumption-equivalent welfare for Black and White Americans. Our statistic incorporates life expectancy, incarceration, consumption, leisure, and inequality. Based on this incomplete list of factors, welfare for …
View article: Data and Code for: Race and Economic Well-Being in the United States
Data and Code for: Race and Economic Well-Being in the United States Open
We construct a measure of consumption-equivalent welfare for Black and White Americans. Our statistic incorporates life expectancy, incarceration, consumption, leisure, and inequality. Based on this incomplete list of factors, welfare for …
View article: The Intensive Margin in Trade: How Big and How Important?
The Intensive Margin in Trade: How Big and How Important? Open
In benchmark trade models that feature a constant trade elasticity, bilateral exports vary entirely on the intensive margin (exports per firm) or entirely on the extensive margin (number of firms). Our empirical analysis documents that rou…
View article: A Theory of Falling Growth and Rising Rents
A Theory of Falling Growth and Rising Rents Open
Growth has fallen in the U.S. amid a rise in firm concentration. Market share has shifted to low labour share firms, while within-firm labour shares have actually risen. We propose a theory linking these trends in which the driving force i…
View article: Assessing the Gains from E-Commerce
Assessing the Gains from E-Commerce Open
E-commerce represents a rapidly growing share of consumer spending in the United States. We use transactions-level data on credit and debit cards from Visa, Inc. between 2007 and 2017 to quantify the resulting consumer surplus. We estimate…
View article: Race and Economic Well-Being in the United States
Race and Economic Well-Being in the United States Open
We construct a measure of consumption-equivalent welfare for Black and White Americans.Our statistic incorporates life expectancy, consumption, leisure, and inequality, with mortality rates playing a key role quantitatively.According to ou…
View article: State-Dependent or Time-Dependent Pricing: Does It Matter for Recent U.S. Inflation?
State-Dependent or Time-Dependent Pricing: Does It Matter for Recent U.S. Inflation? Open
Inflation equals the product of two terms: an extensive margin (the fraction of items with price changes) and an intensive margin (the average size of those changes). The variance of inflation over time can be decomposed into contributions…
View article: Trading Off Consumption and COVID-19 Deaths
Trading Off Consumption and COVID-19 Deaths Open
This note develops a framework for thinking about the following question: What is the maximum amount of consumption that a utilitarian welfare function would be willing to trade off to avoid the deaths associated with COVID-19? The answer …
View article: Trading Off Consumption and COVID-19 Deaths
Trading Off Consumption and COVID-19 Deaths Open
This note develops a framework for thinking about the following question: What is the maximum amount of consumption that a utilitarian welfare function would be willing to trade off to avoid the deaths associated with the pandemic?The answ…
View article: Innovative Growth Accounting
Innovative Growth Accounting Open
Recent work highlights a falling entry rate of new firms and a rising market share of large firms in the United States. To understand how these changing firm demographics have affected growth, we decompose productivity growth into the fir…
View article: Innovative Growth Accounting
Innovative Growth Accounting Open
Recent work highlights a falling entry rate of new firms and a rising market share of large firms in the United States.To understand how these changing firm demographics have affected growth, we decompose productivity growth into the firms…
View article: A Global View of Creative Destruction
A Global View of Creative Destruction Open
In the wake of the U.S.-Canada Free Trade Agreement, both the U.S. and Canada experienced a sustained increase in job reallocation, including firms moving into exporting.The change involved big firms as much as small firms.To mimic these p…
View article: A Theory of Falling Growth and Rising Rents
A Theory of Falling Growth and Rising Rents Open
Growth has fallen in the U.S. amid a rise in firm concentration. Market share has shifted to low labor share firms, while within-firm labor shares have actually risen. We propose a theory linking these trends in which the driving force is …
View article: Assessing the Gains from E-Commerce
Assessing the Gains from E-Commerce Open
E-Commerce represents a rapidly growing share of consumer spending in the U.S. We use transactions-level data on credit and debit cards from Visa, Inc. between 2007 and 2017 to quantify the resulting consumer surplus.We estimate that E-Com…
View article: Replication data for: Missing Growth from Creative Destruction
Replication data for: Missing Growth from Creative Destruction Open
For exiting products, statistical agencies often impute inflation from surviving products. This understates growth if creatively-destroyed products improve more than surviving ones. If so, then the market share of surviving products should…
View article: Internet Rising, Prices Falling: Measuring Inflation in a World of E-Commerce
Internet Rising, Prices Falling: Measuring Inflation in a World of E-Commerce Open
We use Adobe Analytics data on online transactions for millions of products in many different categories from 2014 to 2017 to shed light on how online inflation compares to overall inflation, and to gauge the magnitude of new product bias …
View article: Replication data for: Resurrecting the Role of the Product Market Wedge in Recessions
Replication data for: Resurrecting the Role of the Product Market Wedge in Recessions Open
Employment and hours are more cyclical than dictated by productivity and consumption. This intratemporal labor wedge can arise from product or labor market distortions. Based on employee wages, the literature has attributed the intratempor…