We develop and estimate a new model of endogenous growth in bank efficiency and firm productivity in which banks adopt technology embedded in capital goods produced by entrepreneurs, and agents choose whether to become workers or capital-good-producing entrepreneurs. In this framework, bank...

In the current context of the scarcity of fossil energy and the large-scale development and utilization of new energy sources, the power system is developing in the direction of multi-source synergy and interconnection. Demand response technology and energy storage technology have become...

We show that contrary to conventional wisdom, output growth did not always comove across sectors in recessions. After controlling for the size of recessions, sectoral comovement only rose during the Great Recession, which trade credit is key to explaining. In 2008, conditional on input trading,...