interest rates. We use data for manufacturing firms in Spain between 1999 and 2012 to document a significant increase in the …

interest rates. We use data for manufacturing firms in Spain between 1999 and 2012 to document a significant increase in the …

Italy's, 39% of Spain's and 67% of Portugal's productivity divergence with respect to Germany between 1995 to 2008 …

We document that 20% of Compustat firms have above-median investment rates despite having below-median marginal product … features of the cross-section of firms and allows for counterfactual analysis. Hypothetical firm investment policies that … ignore the potential for future jumps reduce MPK and investment dispersion but also lower aggregate productivity …