total factor productivity (TFP) is endogenous and depends on the resource allocation. The model uncovers a novel tradeoff … between the long-run level and volatility of TFP. Inefficiencies distort this tradeoff and result in either excessive … productive allocation of resources and so depressed TFP and output. …

-integration analysis to estimate simultaneously a monetary reaction function and the determinants of expected inflation for Brazil, Chile … examination, and ii) greater volatility in the monetary stance leads to higher volatility in expected inflation in Brazil …

During the last two decades of the twentieth century, Brazil went through a sequence of failed stabilization plans that …

During the last two decades of the twentieth century, Brazil went through a sequence of failed stabilization plans that …

We examine the relationship between lax monetary policy, access to high-yield bond markets and productivity in the US … higher risk profile. Since the relationship between credit ratings and firm-level productivity is U-shaped, the aggregate … effect on productivity is a priori unclear. Turning to the real economy, we thus analyse whether this additional access to …