Fading Stars

We are grateful to the Smith Richardson Foundation for a research grant, and to seminar participants at the NBER, University of Chicago, New York University, and the 2019 AEA meetings for stimulating discussions, to David Autor, Olivier Blanchard, Xavier Gabaix and John Van Reenen for their comments, and to Steve Davis for his comments, discussion, and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.