below trend - and total factor productivity (TFP), using a panel of 71 developed and developing countries during the period … severe, and additionally quantifies the welfare cost associated with output collapses. -- Growth ; recessions ; productivity …

models suggest that a shortfall in productivity-enhancing investments temporarily slows technological progress, creating a …-level exposure to the 2008-9 financial crisis, I show that tight credit reduced investments in productivity-enhancement, and has … 12% higher today if productivity-enhancing investments had grown at pre-crisis rates. …