Reallocation is an equilibrium phenomenon. Economic restructuring is ceaseless and is a critical aspect of economic activity. This has been recognized at least since Schumpeter who emphasized the need for constant restructuring and coined the term creative destruction (see, e.g., Schumpeter (1942)). Reallocation is not frictionless however, and the impediments to reallocation and their macroeco...

The process of reforming health care systems was initiated in several industrialized countries for more than two decades ago, but so far, we have limited knowledge of the outcome of the reforms. The present study was designed to research institutional changes as a result of changes in financial reallocation. The research question was: how does a change from horizontal to vertical financial real...

This paper considers an improvement in capital embodied technology which only production units that adapt to new knowledge can utilize. This innovation is distinct from a decline in capital goods price which can be utilized by all production units. A simple firm dynamics model is used to show that such an innovation shock enhances reallocation, whereas a shock lowering capital goods price reduc...

The auction has been advocated as a valuable metaphor in the design of decentralized mechanisms for various problems. The walrasian auction was proposed as a suitable mechanism for resource reallocation in distributed planning. Economic theory ooers ample opportunities to develop distributed walrasian mechanisms for reallocation in \mar-kets" with many agents and innnitely divisible resources. ...

Exporting is often touted as a way to increase economic growth. This paper examines the interaction between exporting and productivity growth in US manufacturing. While exporting plants have substantially higher productivity levels, there is no evidence that exporting increases plant productivity growth rates. The higher productivity of exporters largely predates their entry into exporting. How...

Exporting is often touted as a way to increase economic growth. This paper examines whether exporting has played any role in increasing productivity growth in U.S. manufacturing. While exporting plants have substantially higher productivity levels, there is no evidence that exporting increases plant productivity growth rates. However, within the same industry, exporters do grow faster than non-...

When resources are divided among agents, resources are in many cases divided proportionally to their claims. In this paper, we provide new axiomatizations of generalized proportional rules based on the axiom “decentralizability” due to Moulin [13,14,15]. Decentralizability requires that no reallocation by any coalition can affect the awards of the agents outside the coalition. Our results can e...

The pace of business dynamism as measured by indicators such as job reallocation has declined in the U.S. in recent decades, but this decline has not been monotonic for all sectors. For the High Tech sector, business dynamism as measured by the pace of job reallocation rose through the 1990s but then declined sharply in the post-2000 period. This is in contrast with the Retail Trade sector, whi...

Using a large linked employer-employee data set, this paper studies the relationship between job reallocation, worker reallocation and the flexibility of wages in western German manufacturing. Using the plant-specific residual wage dispersion as a proxy for wage flexibility, we find that more flexible wages are associated with less job reallocation due to demand shocks being absorbed by wage ra...

VM Migration for Autonomic Fault Tolerance provides the continuous availability for applications in the event of virtual machine failures along with the benefits of improved performance and manageability. Multipath correlation coefficient approach for VM migration has been proposed, which takes into account the overutilization of CPU without performance degradation based on work variability. Th...