NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Capital Allocation and Productivity in South Europe

Gita Gopinath, Sebnem Kalemli-Ozcan, Loukas Karabarbounis, Carolina Villegas-Sanchez

NBER Working Paper No. 21453
Issued in August 2015, Revised in March 2017

---- Acknowledgments ----

We are grateful to Mark Aguiar, Marios Angeletos, Pol Antras, Nick Bloom, Kinda Hachem, John Haltiwanger, Chang-Tai Hsieh, Oleg Itskhoki, Pete Klenow, Matteo Maggiori, Virgiliu Midrigan, Ben Moll, Brent Neiman, Ricardo Reis, Diego Restuccia, Richard Rogerson, John Van Reenen, Ivan Werning, five anonymous referees, and numerous participants in seminars and conferences for useful comments and helpful discussions. We thank Serdar Birinci, Laura Blattner, and Kurt Gerard See for excellent research assistance. Villegas-Sanchez thanks Banco Sabadell and AGAUR-Generalitat de Catalunya for financial support. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research.

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