productivity and that they impact the degree of R&D spillovers …

particular focus on the role played by financial frictions and investment dynamics. The paper provides two main contributions …. First, we empirically document that lower investment during financial crises is the key factor leading to permanent loss of … output and total factor productivity (TFP) in the wake of a crisis. Second, we develop a DSGE model with financial frictions …

vulnerable to financial frictions. By sheltering intangible investment from financial shocks, counter-cyclical macroeconomic … policy through the intangible investment channel, and its complementarity with pro-competition product market deregulation …

costly adjustment of investment; (iv) persistence in the permanent technology shocks; (v) labor market friction with … and investment adjustment costs. A robustness test shows that the sticky price model becomes as competitive as the habit … formation and costly adjustment of investment model when sticky wages are included …

output fluctuations are decomposed into four sources: total factor productivity (TFP), a labor wedge, a capital wedge, and a …

productivity (TFP) is endogenized as a function of domestic research and development (R&D) expenditures, R&D expenditures of …