findings from the literature on how productivity, innovation, and employment were impacted by the Great Liberalizationa period …, procompetitive effect of trade on total factor productivity (TFP). However, as in the 1990s, these gains do not seem to have been … limits of trade policy in boosting employment and long-term productivity growth. Policymakers should manage their …

I incorporate the productivity risks into an investment-based q-factor asset pricing model. The productivity risks … parsimonious q-factor model driven by productivity risks explains about 90% variation of return of 25 Size/BM portfolios and 75 …-factor model, and the Hou, Mo, Xue & Zhang (2020) augmented q-factor model. As such, productivity risks significantly affect asset …