NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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A Theory of Falling Growth and Rising Rents

Philippe Aghion, Antonin Bergeaud, Timo Boppart, Peter J. Klenow, Huiyu Li

NBER Working Paper No. 26448
Issued in November 2019

---- Acknowledgments ----

Any opinions and conclusions expressed herein are those of the authors and do not necessarily represent the views of the Federal Reserve System, the Bank of France, the Eurosystem, or the National Bureau of Economic Research. We are grateful to Sina Ates, Paco Buera, Sam Kortum, and Gilles St. Paul for very helpful discussions.

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