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safety-related investments in their existing assets-in-place. These investments vary with firm capabilities and across shock …
Persistent link: https://www.econbiz.de/10014635666
up to their more resilient competitors via greater software investment. This is consistent with a complementarity between … first look at how WFH practices improved resilience to a major, unanticipated social and economic shock …
Persistent link: https://www.econbiz.de/10012496142
The Global Financial Crisis and the COVID-19 pandemic were two major shocks to the world economy in the 21st century. In this study, we analyze the patterns of recessions and recoveries of 101 advanced and developing economies. We identify the turning points of recessions and expansions between...
Persistent link: https://www.econbiz.de/10015409788
This essay discusses the reasons for and implications of the decline in real interest rates around the world over the past several decades. It suggests that the decline in interest rates is largely explicable from trends in saving, growth, and markups. In this environment, greater government...
Persistent link: https://www.econbiz.de/10013210052
There are widespread differences in total factor productivity across producers in the U.S. and around the world. To help explain these variations, we devise a general test for misallocation in input choices - the underuse of effective inputs and overuse of ineffective ones. Misallocation implies...
Persistent link: https://www.econbiz.de/10014337801
We study the labor markets in China and the United States, the two largest economies in the world, by examining the evolution of their cross-sectional age-earnings profiles during the past thirty years. We find that, first, the peak age in the cross-sectional age-earnings profiles, which we...
Persistent link: https://www.econbiz.de/10012696432
We show that the specific factors model can be used to derive a rigorous link between movements in stock prices and productivity, wages, employment, output, and welfare. We also prove that the commonly used measure of the effective rate of protection equals the dual measure of revenue TFP,...
Persistent link: https://www.econbiz.de/10012533307
Racial social isolation within and across workplaces may reduce firm productivity. We provide descriptive evidence that African-Americans feel socially isolated from Whites. To test whether isolation affects productivity, we estimate models of Total Factor Productivity for manufacturing firms...
Persistent link: https://www.econbiz.de/10012533396
investment affect measured capital growth, each potentially generating downward bias in measured TFP growth. Most importantly …
Persistent link: https://www.econbiz.de/10012599399
Investment in intangible capital--in particular, research and development--increased dramatically since the 1990s … increase in intangible investment is geared toward consumer products such as pharmaceutical drugs with limited spillovers to …
Persistent link: https://www.econbiz.de/10012482573