uncertainty, firms that are credit constrained switch the composition of investment by reducing productivity-enhancing investment …We show that an increase in aggregate uncertainty - measured by stock market volatility - reduces productivity growth … difference-in-difference approach using productivity growth of 25 industries from 18 advanced economies over the period 1985 …

easing entrepreneurial investments for credit-constrained individuals whose investment possibilities depend on their income … entrepreneurial elite, resulting in economic policy and institutions which are more conducive to entrepreneurship and productivity …

easing entrepreneurial investments for credit-constrained individuals whose investment possibilities depend on their income … entrepreneurial elite, resulting in economic policy and institutions which are more conducive to entrepreneurship and productivity …