NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Turbulence, Firm Decentralization and Growth in Bad Times

Philippe Aghion, Nicholas Bloom, Brian Lucking, Raffaella Sadun, John Van Reenen

NBER Working Paper No. 23354
Issued in April 2017

---- Acknowledgements ----

We would like to thank Ufuk Akcigit, Laura Alfaro, Erik Brynjolfsson, Gabriel Chodorow-Reich, Bob Gibbons, Rebecca Henderson, Bengt Holmstrom, Caroline Hoxby, Eddie Lazear, Kristina McElheran, Antoinette Schoar, David Thesmar, Jean Tirole and participants in seminars in the AEA, UC Berkeley, Columbia, Harvard, MIT, Stanford and Toronto for helpful discussions. The Economic and Social Research Centre, European Research Council, Kauffman Foundation, National Science Foundation and Sloan Foundation have all provided generous funding. Any opinions and conclusions expressed herein are those of the authors and do not necessarily represent the views of the U.S. Census Bureau or the National Bureau of Economic Research. All results have been reviewed to ensure that no confidential information is disclosed.

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