This paper studies the implications of perceived default risk for aggregate output and productivity. Using a model of … credit across firms with heterogeneous productivity. Further, we find that these losses accounted for over half of the … productivity fall between 2008 and 2009, and persisted for smaller (although not larger) firms. …

Using firm and industry data, we establish two facts: (i) Uncertainty about demand conditions not only reduces export … of export shares from the most to the least productive incumbents. Greater skewness of the demand distribution and …

-level productivity in a two-country DSGE model with heterogeneous producers and an endogenous dynamic export participation decision …