resources and aggregate productivity. This paper quantifies the effect on aggregate productivity of an improvement in financial … Chile. I find that aggregate productivity increases by 2.5 percent following a financial reform that makes Chile's level of …, predicting an increase in productivity of 0.3 percent. Acknowledging firing costs introduces two reasons why the financial reform …

productivity and are heterogeneous in terms of assets and productivity. Comparing our economy with one with the same fundamentals … but with no uncertainty, we find that ambiguity (i) increases the productivity threshold to access the market, (ii) does …