This paper presents a framework for quantitatively evaluating the macroeconomic effects of corporate restructuring and applies it to Japan. Using firm-level financial statement data, it estimates total factor productivity (TFP) of individual Japanese firms. Given the estimated distribution of...

This paper presents a framework for quantitatively evaluating the macroeconomic effects of corporate restructuring and applies it to Japan. Using firm-level financial statement data, it estimates total factor productivity (TFP) of individual Japanese firms. Given the estimated distribution of...

COVID-19 is a seismic shock the likes of which have not been seen in living memory. What makes it different? For one, it is a rolling combination of a global health pandemic and an economic crisis that is unfolding at an unprecedented pace. The impact is already devastating at both the human and...

COVID-19 is a seismic shock the likes of which have not been seen in living memory. What makes it different? For one, it is a rolling combination of a global health pandemic and an economic crisis that is unfolding at an unprecedented pace. The impact is already devastating at both the human and...