Using a unique dataset covering the universe of Portuguese firms and their credit situation we show that financially constrained firms are found across the entire firm size distribution, even in the top 1%. Incorporating a richer, empirically supported, productivity process into a standard...

This paper studies the importance of firm-level price markup dynamics for business cycle fluctuations. Using state-of-the-art IO techniques to measure the behavior of markups over the business cycle at the firm level, I find that markups are countercyclical with an average elasticity of -1.1...

Despite data limitations, formal methods can still be applied to identify business cycle turning points and hence date appropriately the Maltese business cycle. An extension of the official quarterly GDP time series to the 1970s allows for a historical view on dating the business cycle, leading...