models suggest that a shortfall in productivity-enhancing investments temporarily slows technological progress, creating a …-level exposure to the 2008-9 financial crisis, I show that tight credit reduced investments in productivity-enhancement, and has … 12% higher today if productivity-enhancing investments had grown at pre-crisis rates. …

We study how financial frictions affect firm-level heterogeneity and trade. We build a model where productivity …

endowments and productivity, relative factor costs emerge as a source of real-income variation across countries. These are shaped … "residual" productivity required to explain the observed per-capita income differences by more than one half. …

Historical data for over hundred years and 14 countries is used to estimate the long-run effect of productivity on the … real exchange rate. We find large variations in the productivity effect across four distinct monetary regimes in the sample … argue that changes in trade costs over time may affect the impact of productivity on the real exchange rate over time. We …

We investigate how changes in firm productivity after M&As are affected by differences in profit taxation between the … M&A and thus inhibit the realization of productivity improvements. Using firm-level data on inputs and outputs of … reduces the subsequent total factor productivity gain. This effect is concentrated in horizontal M&As and less pronounced when …

factor productivity. The paper develops empirical growth models that allow for this effect in a more flexible way than …

positive price-income association is attributable, at least partly, to the Balassa-Samuelson productivity differential effect …

things equal. Increased participation in higher education enhances productivity progress and is accompanied by rising wage …