This paper studies the implications of perceived default risk for aggregate output and productivity. Using a model of … credit across firms with heterogeneous productivity. Further, we find that these losses accounted for over half of the … productivity fall between 2008 and 2009, and persisted for smaller (although not larger) firms. …

countries and manufacturing industries over the period 2006-2012. In summary, patterns of measured revenue productivity have …-stressed countries (Belgium, Finland, France and Germany). In particular, measured revenue productivity drops for both groups by about 6 … productivity was accompanied by a substantial dip in the proxy we use for TFP in quantity terms, as well as by a strong reduction …

bank health and the consequences for aggregate productivity in 11 European countries. Controlling for cyclical effects, the … constrains the growth of more productive firms, to the detriment of aggregate productivity growth. Our results suggest that …

We reappraise the relationship between productivity and equilibrium real exchange rates using a panel estimation … role of non-traded, as well as traded, sector productivity shocks in exchange rate determination. We find evidence of … significant correlation between real exchange rates and productivity differentials in both sectors. But our finding of a …

We use an industrial organisation approach to quantify the size of Total Factor Productivity Growth (TFPG) for euro … period. In addition, we observe that Total Factor Productivity growth for the median euro area bank decreased from around 2 …. Given the need to boost productivity and enhance profitability in the euro area banking sector, these findings suggests that …

total factor productivity are particularly important, while inward FDI matters rather than domestic investment. Price …