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. …

productivity, aggregate spending, monetary policy and entry costs. The estimated response to a monetary expansion does not support …

We address an important business cycle fact, i.e., the amplified and hump-shaped responses of output to productivity … borrowing constraints, endogenous capital accumulation and capital reallocation among agents with different productivity … constitutes a mechanism through which the effects of productivity shock on aggregate output are amplified and propagated, more in …