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. …

economies, driven by ageing, waning productivity growth, a rise in mark-ups, and a surge in risk aversion in the wake of the … higher levels would have to come from a reversal in risk aversion and flight to safety and a boost in productivity. To …