We analyze shocks to productivity, collateral constraint (credit shock), firm operation, and labor disutility in a model of firm dynamics with entry and exit. Shocks to firm operation and labor disutility capture COVID-19 lockdowns. Compared to the productivity shock, the credit and the lockdown...

We study whether the effects on registered manufacturing output of dismantling the License Raj - a system of central controls regulating entry and production activity in this sector - vary across Indian states with different labor market regulations. The effects are found to be unequal across...

In this paper we evaluate empirically the impact of fiscal policy on two key determinants of long-term growth, i.e., private investment and productivity growth. We mostly focus on a panel of 20 OECD economies from 1970 to 2009, although we also present some estimates based on data for 80...

India's decelerating wheat- and rice-yield growth rates have led to questions of whether India's agricultural sector will be able to meet future food demands. To explore this issue, ERS researchers measure sector-level agricultural total factor productivity (TFP) growth and evaluate how public...

This paper analyses the evolution and policy drivers of the productivity of farmers' human capital in EU agriculture from 1986 to 2010. The empirical analysis employs farm data sourced from the Farm Accountancy Data Network Standard Results as well as Eurostat's information on farm holders'...

Using Italian data that includes both inflation forecasts of firms and external information on their balance sheets, we study the causal effect of changes in the dispersion of beliefs about future inflation on the misallocation of resources. We find that as disagreement increases, so does...

The world economy has experienced four global recessions over the past seven decades: in 1975, 1982, 1991, and 2009. During each of these episodes, annual real per capita global GDP contracted, and this contraction was accompanied by weakening of other key indicators of global economic activity....

This paper investigates the microeconomic origins of aggregate economic fluctuations inEurope. It examines the relevance of idiosyncratic shocks at the top 100 large firms (thegranular shocks) in explaining aggregate macroeconomic fluctuations. The paper alsoassesses the strength of spillovers...

This paper investigates the long-run consequences of economic disasters. The research is based on the historical data for 38 OECD and non OECD countries over the last two centuries. Results of the research indicate the negative long-run effect of economic disasters on output growth. The research...

The article analyses the short-term effects of aggregate economic sentiment on the expected GDP growth in Russia based on the results of regular large-scale surveys of business activity of the Federal State Statistics Service of the Russian Federation for the period 1998-2020. The main purpose...