Soaring energy prices have raised concerns about the risks energy price shocks pose for firms’ performance and the green transition. This paper estimates the impacts of energy price changes on firms’ productivity as well as their dynamics, distinguishing between the short and medium-to-long...

This paper analyses employment dynamics across firms during the COVID-19 pandemic and the role of job retention schemes (JRS) in shaping these dynamics. It relies on a novel collection of high-frequency harmonised micro-aggregated statistics, computed using administrative data on employment and...

The paper analyses the role of loan guarantee programmes following the COVID-19 outbreak in alleviating firm distress as well as their broader impacts on productivity via reallocation, relying on a simulation model and econometric estimations. The simulation exercise relies on a simple cash-flow...

Intangible assets are an important driver of productivity and ultimately output growth. Yet, despite their aggregate rise in the past decades, productivity has continued to grow modestly in the majority of OECD countries. This is in part because many firms – particularly young and small ones -...

The paper investigates the financial vulnerability of non-financial firms during the Coronavirus (COVID-19) epidemic crisis. In particular, it evaluates the extent to which firms may run into a liquidity crisis following the COVID-19 outbreak and the impact of stylised policy measures to reduce...

This paper investigates the likelihood of corporate insolvency and the potential implications of debt overhang of non-financial corporations induced by economic shock associated with the outbreak of COVID-19. Based on simple accounting models, it evaluates the extent to which firms deplete their...

Using a cross-country firm level panel dataset from 1995 to 2015, this paper revisits the finance–productivity nexus by looking at the role of intangible assets. It argues that due to their specific characteristics, such as valuation uncertainty and lower pledgeability, financing the purchase...