We explore the implications of shocks to expected future productivity in a setting with limited enforcement of … response to positive news about future productivity, as well as the other properties of an expectation driven business cycle …

productivity (TFP) in the nexus of the financial and real sectors. …

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. …

We explore the implications of shocks to expected future productivity in a setting with limited enforcement of … response to positive news about future productivity, as well as the other properties of an expectation driven business cycle …

disturbances, generating large endogenous movements in total factor productivity, explaining why productivity often falls during …

finance, firms are credit constrained, and there is substantial dispersion in productivity. In a tangibles-intense economy …

We characterize the dispersion of firm-level productivity and demand shocks over the business cycle using Swedish … than productivity dispersion in recessions. Productivity shocks pass through incompletely to prices and have limited effect … and see" channel. Productivity dispersion does not generate "wait and see" effects, but affects output negatively by …

is highly disaggregated at the industry level with an input-output network structure. Measured productivity in the model …-specific, uncorrelated across industries. The bulk of the aggregate fluctuations, including those in aggregate measured productivity, are … data. Our second finding is that about half of the decrease in the cyclicality of measured productivity in the U.S. after …

We characterize the dispersion of firm-level productivity and demand shocks using Swedish microdata including prices … TFPQ dispersion in recessions. Productivity shocks pass through incompletely to prices and have limited effect on sales … facts, demand dispersion has unambiguously negative effects on output via a "wait and see" channel. Productivity dispersion …

To what extent can monetary policy impact business innovation and productivity growth? We use a New Keynesian model … with endogenous total factor productivity (TFP) to quantify the TFP losses due to the constraints on monetary policy …