-Tobin model where households need bank services to purchase consumption goods. Bank deposits are the single medium of exchange in …

values of the standard Solow productivity residual. The equivalence holds if the representative household maximizes utility … respectively technical change, aggregate distortions and allocative efficiency. Then, using the appropriate firm-level data, we …

total factor productivity and by the capital stock per capita. These variables suffice to calculate welfare changes within a … the degree of market competition. It applies to open economies as well, if total factor productivity is constructed using … productivity be constructed with prices and quantities as perceived by consumers, not firms. Thus, factor shares need to be …