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 …

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 …

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 …