We analyze how increased access to financing affects firm total factor productivity (TFP) by exploiting a natural …

equilibrium model wherein firms face persistent shocks to aggregate and individual productivity. In our model economy, optimal …,s) firm-level investment policies.In the presence of persistent heterogeneity in capital, debt and total factor productivity … of capital that, in turn, imply large and persistent reductions in aggregate total factor productivity. We find that an …

-plant firms, we then show that dispersion can be "good": Eliminating frictions increases productivity dispersion and raises …

structurally estimate the key parameters of our model to construct counterfactual size, productivity and welfare distributions …

total factor productivity (TFP) increases with microfinance in general equilibrium but decreases in partial equilibrium …

Management has a large effect on the productivity of large firms. But does management matter in micro and small firms … the variation in outcomes – sales, profits and labor productivity and TFP – in microenterprises as in larger enterprises …