models suggest that a shortfall in productivity-enhancing investments temporarily slows technological progress, creating a …-level exposure to the 2008-9 financial crisis, I show that tight credit reduced investments in productivity-enhancement, and has … 12% higher today if productivity-enhancing investments had grown at pre-crisis rates. …

the market during bad times. Second, when we look at total factor productivity (TFP), we don't see a clear "cleansing …

deteriorating productivity and rising exit rates. We find supportive evidence for other US-based stylized facts, such as young firms …

", as proxied by productivity growth shocks - in line with the Real Business Cycle framework -, and we provide empirical …