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Notes cross-reference earlier specifications and equations. Some coefficients are rescaled by the average TFP gap between productivity groups.",201 "units_stated_in_notes": true,202 "standard_errors_description": "unclear"203 },204 "figures": {205 "uncertainty_shown": "unclear"206 },207 "conclusion": {208 "bounded_claims": false,209 "policy_implications": false,210 "open_questions": false,211 "restates_contribution": true212 },213 "hedging": {214 "level": "moderate",215 "typical_devices": [216 "'our analysis suggests'",217 "'we provide evidence that'",218 "'is associated with'",219 "'consistent with the view'",220 "'intuitively ... should'"221 ]222 },223 "claim_evidence": [224 {225 "claim": "Deregulation raises relative employment growth of higher-productivity young firms but not old firms",226 "evidence_type": "table",227 "evidence_ref": "Table II"228 },229 {230 "claim": "Relative capital growth of productive young firms also rises after deregulation",231 "evidence_type": "table",232 "evidence_ref": "Table III"233 },234 {235 "claim": "Growth effects occur right after deregulation and show no preexisting trends",236 "evidence_type": "table",237 "evidence_ref": "Table IV"238 },239 {240 "claim": "Bank debt share rises for high-productivity young firms, indicating a shift in bank credit supply composition",241 "evidence_type": "table",242 "evidence_ref": "Table V, Table VI, Figure 2"243 },244 {245 "claim": "Credit demand and local economic shocks do not explain the bank debt and labor results",246 "evidence_type": "table",247 "evidence_ref": "Tables VII, VIII"248 },249 {250 "claim": "Marginal revenue product gaps between high- and low-productivity young firms converge after deregulation",251 "evidence_type": "table",252 "evidence_ref": "Table IX"253 },254 {255 "claim": "Implied industry productivity gains equal 1.1%-2.1% of value added, with labor misallocation central",256 "evidence_type": "table",257 "evidence_ref": "Table X; Section V.C; Appendix C"258 }259 ],260 "structural_summary": "The introduction moves from the broad finance-growth link to a gap on mechanisms and the overlooked role of labor. It then motivates why young firms should matter and previews a triple-difference design around staggered state banking deregulation. Results and a three-part contribution statement follow, positioned against the literature. The body describes the institutional background and Census microdata, then documents reallocation of labor and capital, including dynamics. It next uses bank versus nonbank debt shares to argue for a credit supply mechanism and runs falsification tests against alternative mechanisms. A Hsieh-Klenow misallocation framework is then used to test convergence of marginal products and to quantify industry productivity gains, with derivations and parameter assumptions in appendices. The conclusion restates the findings.",261 "writing_profile_keywords": [262 "staggered deregulation",263 "triple difference",264 "Census microdata",265 "misallocation",266 "mechanism tests",267 "quantification",268 "young firms",269 "labor reallocation"270 ],271 "confidence": 0.8,272 "notes": "Panel headings (idx 5, 6) are parsing artifacts. Section 6 contains the alternative-mechanisms subsection, so it is labeled robustness. The statistical significance convention and standard error type are not visible in the excerpts. 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