shocks generate substantial fluctuations in aggregate productivity …

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 …

private physical capital per worker. We use a semiparametric analysis, computing Malmquist productivity indexes, and we also …

at the micro level typically reduces total factor productivity at the macro level. Quantifying these effects is leading …