dispersion in revenue productivity should not be dismissed as mere artifacts of misspecification or measurement errors …

their productivity and net worth and face collateral constraints that cause capital misallocation. TFP endogenously depends … equilibrium, general-equilibrium effects overturn this result: a monetary expansion increases the investment of high-productivity … firms relatively more than that of low-productivity ones, crowding out the latter and increasing TFP. We provide empirical …

their productivity and net worth and face collateral constraints that cause capital misallocation. TFP endogenously depends … equilibrium, general-equilibrium effects overturn this result: a monetary expansion increases the investment of high-productivity … firms relatively more than that of low-productivity ones, crowding out the latter and increasing TFP. We provide empirical …

pervasive informality. We provide a simple framework to analyze the impact of UC on the allocation of workers between formal and … informal activities, as well as the allocation of workers between sectors featuring different incentives to go informal. We …

pervasive informality. We provide a simple framework to analyze the impact of UC on the allocation of workers between formal and … informal activities, as well as the allocation of workers between sectors featuring different incentives to go informal. We …

also experience increases in sales per worker, wages, and measured total factor productivity. These effects are short …