which agents cannot perfectly observe the state of current productivity, can generate the observed asymmetry in the risk …

strategy exploits the heterogeneous impact of the shock on importers. The results indicate that this relatively minor, non …-localized shock had a non-trivial economic impact on exposed firms and propagated downstream through affected suppliers. Additional … empirical tests, motivated by a simple theory, demonstrate that low-liquidity firms amplified its transmission …

their productivity and net worth and face collateral constraints that cause capital misallocation. TFP endogenously depends … equilibrium, general-equilibrium effects overturn this result: a monetary expansion increases the investment of high-productivity … firms relatively more than that of low-productivity ones, crowding out the latter and increasing TFP. We provide empirical …

We study the impact of techies—engineers and other technically trained workers—on firm-level productivity. We first …-neutral productivity in both manufacturing and non-manufacturing industries. We find that techies raise firm-level productivity, and this … of techies on productivity operates mostly through ICT and other techies, not R&D workers. Engineers have a greater …

the pre-1980 period. Measuring expectations of future monetary policy rates conditional on a news shock suggests that the …

We revisit UK’s poor productivity performance since the Great Recession by means of both a suitable theoretical … over time, and distinguish between quantity total factor productivity (TFP-Q), i.e., the capacity to turn inputs into more … physical output (number of shirts, liters of beer), and what we call revenue total factor productivity (TFPR), i …