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approaches, it clearly discusses the important issues behind the well known facts: the dynamics of capitalism leading to the … implicated in the malfunctioning of contemporary capitalism. A salutatory challenge to the aridity of so much of conventional … Recession has punctuated the long history of capitalism and is a necessary outcome of contemporary capitalism's great …
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In this paper I evaluate the contribution of financial frictions in explaining the drop in aggregate TFP through misallocation during the Great Recession. I build a quantitative model with heterogeneous establishments; with the help of the model I compute the counterfactual drop in...
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