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productivity (TFP) in the two sectors. To test the theoretical predictions, I use the "Establishment History Panel" together with … sectoral data on total factor productivity. The results confirm the theoretical predictions, i.e. they show a negative …
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The paper first develops a theoretical model with different sectors, each providing a channel for an impact of energy prices on growth. In the short run, growth is hampered by increasing energy prices. In the long run, however, capital accumulation may be crowded out by energy use. This happens...
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undervaluations increase investment and the share of intermediate and capital goods imported, and decrease the shares of consumption …, wages, the services sector, and consumption goods imported. Overvaluations cause a reduction in investment, and an increase …
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