their productivity and net worth and face collateral constraints that cause capital misallocation. TFP endogenously depends … equilibrium, general-equilibrium effects overturn this result: a monetary expansion increases the investment of high-productivity … firms relatively more than that of low-productivity ones, crowding out the latter and increasing TFP. We provide empirical …

We study the impact of techies—engineers and other technically trained workers—on firm-level productivity. We first …-neutral productivity in both manufacturing and non-manufacturing industries. We find that techies raise firm-level productivity, and this … of techies on productivity operates mostly through ICT and other techies, not R&D workers. Engineers have a greater …

Many policymakers view power outages as a major constraint on firm productivity in developing countries. Yet empirical … the long-run general-equilibrium effects of power outages on productivity. Outages lower productivity in the model by …

This paper considers the problem of identification, estimation and inference in the case of spatial panel data models … errors. A quasi maximum likelihood (QML) estimation procedure is developed and the conditions for identification of spatial …

productivity in the rest of the economy. To separate exogenous gains in ICT from other technological progress, we use the relative …

Commonly used methods of production function estimation assume that a firm’s output quantity can be observed as data … function, total factor productivity, price markups over marginal costs, output prices, output quantities, a demand system, and …

empirical tests, motivated by a simple theory, demonstrate that low-liquidity firms amplified its transmission …