shocks generate substantial fluctuations in aggregate productivity …

their productivity and net worth and face collateral constraints that cause capital misallocation. TFP endogenously depends … equilibrium, general-equilibrium effects overturn this result: a monetary expansion increases the investment of high-productivity … firms relatively more than that of low-productivity ones, crowding out the latter and increasing TFP. We provide empirical …

shocks generate substantial fluctuations in aggregate productivity. …

productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global …Introduction -- Part I. Global Growth Slowdown: Supply-Side Factors -- The Productivity Slowdown and the Secular …