paper develops a tractable dynamic general equilibrium model. In the model, firms face idiosyncratic productivity risks, and … depresses total factor productivity …

We explore the implications of shocks to expected future productivity. In a setting with limited enforcement of … "collateral constraint", positive news about future productivity implies an increase in stock prices, as well as the other …

We explore the implications of shocks to expected future productivity in a setting with limited enforcement of … response to positive news about future productivity, as well as the other properties of an expectation driven business cycle …

productivity (TFP) in the nexus of the financial and real sectors. …

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. …

We explore the implications of shocks to expected future productivity in a setting with limited enforcement of … response to positive news about future productivity, as well as the other properties of an expectation driven business cycle …

disturbances, generating large endogenous movements in total factor productivity, explaining why productivity often falls during …

finance, firms are credit constrained, and there is substantial dispersion in productivity. In a tangibles-intense economy …