effects of heterogeneous productivity across firms on macroeconomic dynamics. The first model indicates that monetary policy … amplification mechanism of exogenous technology shocks based on endogenous firm entry and heterogeneous productivity. Increasing … competition after a positive shock forces less productive firms to leave the market, leading to higher a average productivity …

total factor productivity (TFP) is endogenous and depends on the resource allocation. The model uncovers a novel tradeoff …

's productivity growth depends upon its distance from the world's technological leader. One motivating contemporary example includes …