productivity. Agents are hit by heterogeneous productivity shocks, they observe their own productivity and a noisy public signal … regarding aggregate productivity. The shock to this public signal, or "news shock," has the features of an aggregate demand … the economy following an aggregate productivity shock are also affected by the presence of imperfect information: after a …

Management has a large effect on the productivity of large firms. But does management matter in micro and small firms … the variation in outcomes - sales, profits and labor productivity and TFP - in microenterprises as in larger enterprises …

We present a conceptual framework to better understand the interaction between settlement and the emergence of de facto … depending on the violence potentials of de facto and de jure claimants. We examine land settlement and conflict on the frontiers … relatively peaceful where claimants have reasons to organize collectively (Australia and the U.S.). The settlement process will …

productivity shocks and countercyclical variation in the volatility of idiosyncratic shocks. Based on both aggregate data and … variation in idiosyncratic risk, which both amplifies the welfare cost of aggregate productivity shocks and imposes a cost of …