I study the implications of productivity shocks in a model where agents observe the aggregate level of productivity but … shock is sluggish and peaks with delay; (ii) permanent shocks generate positive rather than negative savings on impact; and …

The Italian economy has been struggling with low productivity growth and bank balance sheet strains. This paper … examines the implications for firm productivity of adverse shocks to bank lending in Italy, using a novel identification scheme … borrowers in distress, and find that a negative shock to bank credit supply reduces firms' loan growth, investment, capital …

We provide broad-based evidence of a firm size premium of total factor productivity (TFP) growth in Europe after the …

We investigate how changes in industries’ funding costs affect total factor productivity (TFP) growth. Panel … allocation of factors across firms within an industry, reducing its TFP. Lower productivity growth accounts for a large fraction …

The recent financial crisis highlighted that balance sheet exposures can be a major shock transmission channel. Using … financial instruments within and across G-4 economies (Euro Area, Japan, U.K. and U.S.). The generated financial networks … exposures in loans and equities have declined. Shock simulations reveal that the vulnerability of the financial sector to the …

This paper uses a vector autoregression (VAR) approach to identify the driving forces of the growth slowdown in Japan … not support the counterfactual conjecture that activity in Japan would have been significantly weaker in the absence of …

A surge of exports in the 2000s helped Japan exit the severe decade-long stagnation known as the lost decade. Using … supply factors such as productivity gains, materialized after long-fought restructuring efforts during the lost decade …