This paper combines different strands of the productivity literature to investigate the effect of idiosyncratic (firm …-country differences in key economic outcomes, such as productivity or output per capita, to differences in policies and institutions that … determinants of productivity at the firm-level and the evolution of the distribution of productivity across firms within each …

behavior and aggregate fluctuations. We document that firm-level sales and productivity are hit by heavy-tailed shocks and …

Post-1990 periods. First, I find that a monetary shock and an NBER recession shock differently affect firms' short …-term financing behavior. During recent periods, after a contractionary monetary shock, large firms increase their short-term debt … more than small firms, whereas after an NBER recession shock, large firms decrease most balance sheet variables (including …