private physical capital per worker. We use a semiparametric analysis, computing Malmquist productivity indexes, and we also …

We study how financial market efficiency affects a measure of diversification of output across industrial sectors … and for various levels of disaggregation, we construct a benchmark measure of diversification as the set of allocations of … faster for sectors that have a higher "natural" long-term risk-adjusted growth and which exhibit higher information frictions …

particular, we investigate the extent to which a spillover of risk among hedge funds through redemptions and failures of other … funds has affected the probability of fund failure. We find that risk spillover is significantly related to the failure … within the same investment style are adversely affected through both channels of risk spillover. In addition, we find that …

technological diversification. Production makes use of different input varieties, which are subject to imperfectly correlated shocks …. As in endogenous growth models, technological progress increases the number of varieties, raising average productivity …. In our model, the expansion in the number of varieties provides diversification benefits against variety-specific shocks …

Labor productivity is more procyclical in OECD countries with lower employment volatility. To capture this new stylized … our model with variable effort, greater labor market frictions are associated with procyclical labor productivity as well … data. By implication, labor market deregulation has a greater effect on the cyclicality of labor productivity and on the …

persistence typically proceed along two distinct paths, resorting either to the presence of real shocks such as productivity …