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

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 …

appropriability stands out among the key constraints to productivity-enhancing activities. Because low appropriability is largely …