uncertainty shock with respect to economies with stricter regulations. Using additional labor ow data from Germany, France and UK …

analyse the link between sectoral resource allocation, low productivity growth and stagnant real wages. My results suggest … immediate phase following the shock, labor productivity and real wages stagnate as employment gains are initially … equilibrium is not efficient as firms fail to internalize the effect of their individual labor allocation on aggregate growth …

the efficient allocation of resources across firms. I document that a higher availability of credit leads to a decline in …

-maximizing state-contingent markups, taking as given the behavior of all other industries. When consumers are risk-averse, industry … aggregate shock. The general equilibrium dispersion of markups implied by the optimization of heterogeneous industries creates …

contractionary effect of a reallocative shock should come from the direct aggregate effect of the underlying shock and not from human …

endogenous term premium. Using term structure and macroeconomic data, we find sizable effects of uncertainty on risk premia and … analytical decomposition to illustrate how multiple distinct endogenous risk wedges account for these differences. Supply and …