empirical tests, motivated by a simple theory, demonstrate that low-liquidity firms amplified its transmission. …

Productivity rises in booms and falls in recessions. There are four main explanations for this procyclical productivity … procyclical productivity as an essential feature of business cycles because each explanation has important implications for … utilization and resource reallocations are particularly important in explaining procyclical productivity. We also argue that the …

of growth and allocation arises from the point of view of economic policy. -- regional production function ; productivity …

-13 on firm-level productivity in France, Italy and Spain. We show that relying on a single break date in 2008 misses both …-level productivity negatively, high-leverage firms suffer more from financial constraints only in Italy, when they are relatively small … productivity. …

Productivity reflects not only how efficiently inputs are transformed into outputs, but also how well information is …

This paper examines the impact of Dollar exchange rate volatility on firm productivity in Emerging Markets economies … volatility reduces firm productivity growth. Exploring channels, its finds that the results are driven by countries with low …

Capital reallocation between firms is procyclical and leads to variations in measured aggregate productivity. In this … paper, we ask how much of the cyclical variation in measured productivity is the consequence of capital reallocation. We … build a heterogeneous-firm model to study the effects of exogenous shocks to total factor productivity (TFP) and to the …