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I study the role of firm heterogeneity for the transmission of unconventional monetary policy in the form of "credit policy" à la Gertler and Karadi (2011). To this end, I lay out a Two-Agent New-Keynesian model with financially constrained and unconstrained firms and a financial intermediary...
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first and then slowly decrease. Generally, no significant "productivity paradox" can be observed in China's manufacturing …Purpose With the increase of state capital, corporate total factor productivity (TFP) has a tendency to jump up at … decline. This paper aims to discuss these issues. Design/methodology/approach Using the 1996-2013 China Industrial Enterprise …
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productivity (TFP) growth in China. Our primary goal is to test Hicks' induced innovation hypothesis by examining whether technical … change in China has been induced by sharp increase in input prices that have accompanied its rapid economic growth. Utilizing … buffers a long-term decline in TFP growth that would otherwise be quite substantial. We conclude that China's economic growth …
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