shocks generate substantial fluctuations in aggregate productivity. …

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 …

-inconsistent incentive for the central bank to engineer an unexpected monetary expansion to temporarily reduce misallocation. However, price …

markets. The underlying sources of risk are direct shocks to productivity growth, shocks to a long-run risk component of … productivity growth, shocks to a stochastic volatility component of productivity growth, and shocks to monetary policy. The long … estimate using United States and Japanese total factor productivity data, differences in monetary policy parameters, and …

The purpose of this paper is to evaluate the behavior of monetary authorities in Tunisia and Egypt, in response to …-term interest rate in Tunisia and Egypt using quarterly data covering the period 1998.Q4-2013.Q2. We find strong evidence that the … real decision-making process followed by these central banks varies from one central bank to another and that it exhibits …