Growth Accounting with Misallocation: Or, Doing Less with More in Singapore
---- Acknowledgements -----
We thank Jonathan Anderson, Robert Barro, Susanto Basu, Jeff Campbell, Davin Chor, Erwin Diewert, Dan Fineman, Chang-Tai Hsieh, Boyan Jovanovic, Greg Mankiw, Justin Wolfers, Alwyn Young, and seminar participants at several institutions for helpful discussions. We are grateful to several anonymous referees, the editor, and coeditor of the AEJ: Macro, Steve Davis and John Leahy, for their comments and suggestions. David Thipphavong and Titan Alon provided excellent research assistance. Earlier versions of this paper circulated under the titles, "Measuring Productivity Growth in Asia: Do Market Imperfections Matter?" and "Measuring the Miracle: Market Imperfections and Asia's Growth Experience." The views are our own and do not necessarily reflect those of anyone else affiliated with the Federal Reserve System or the National Bureau of Economic Research.