In this paper, we employ a portfolio approach based on a two-country world to study the impact of financial openness on … consumption-wealth ratio, and welfare should be greater in an open economy because of higher productivity and/or less volatility … because of risk sharing. The theoretical results for the growth rate depend on differences in productivity and in consumption …

In this paper, we aim to bring the debate on the global productivity slowdown – which has largely been conducted from a … macroeconomic perspective – to a more micro-level. We show that a particularly striking feature of the productivity slowdown is not … so much a lower productivity growth at the global frontier, but rather rising labour productivity at the global frontier …