of local monopoly power of financial intermediaries. The economy that implements this form of deregulation experiences …, reduced markup countercyclicality, and weaker substitution effects in labor supply in response to productivity shocks. Bank …

when measuring productivity. Correcting these two measurement errors restores to Glick and Rogoff's conclusion its original …

empirically, as global shocks account for roughly fifty percent of the overall variance of productivity. An apparent puzzle …, however, is that the current account seems to respond by much less than investment to country-specific productivity shocks …-specific productivity; in general, the current account response is more sensitive than is the investment response. Our results thus support …

This paper investigates the impact of globalization on productivity growth and the procyclicality of productivity … in international demand affect productivity growth differently from changes in exposure to international competition. An … increase in foreign demand for U.S. exports raises trend productivity growth, but to a lesser degree than does a similar demand …

essentially unable to explain any effects of sectoral reallocation on aggregate productivity or related quantities (such as the … in this setting are then shown to have first-order effects on aggregate productivity and real wages, and can explain the …