This paper proposes an aggregative model of total factor productivity (TFP) in the spirit of <xref ref-type="bibr" rid="R13">Houthakker (1955-1956)</xref>. It considers a frictional labour market where production units are subject to idiosyncratic shocks and jobs are created and destroyed as in <xref ref-type="bibr" rid="R20">Mortensen and Pissarides (1994)</xref>. An...

This paper proposes an aggregative model of total factor productivity (TFP) in the spirit of Houthakker (1955-1956). It considers a frictional labour market where production units are subject to idiosyncratic shocks and jobs are created and destroyed as in Mortensen and Pissarides (1994). An...

This paper investigates the role of money in markets in which producers have private information about the quality of the goods they supply. When the fraction of high-quality producers in the economy is given, money promotes the production of high-quality goods, which improves the quality mix...

This paper investigates the role of money in markets in which producers haveprivate information about the quality of the goods they supply. When the fractionof high-quality producers in the economy is given, money promotes the productionof high-quality goods, which improves the quality mix and...