This paper develops a general theory of aggregation in inefficient economies. We provide
nonparametric formulas for aggregating microeconomic shocks in economies with …

Why do living standards differ so much across countries? A consensus in the development
literature is that differences in productivity are a dominant source of these differences. But …

Starting in the early 1990s, countries in southern Europe experienced low productivity
growth alongside declining real interest rates. We use data for manufacturing firms in Spain …

This paper reviews advanced‐economy productivity developments in recent decades. We
focus primarily on the facts about, and explanations for, the mid‐2000s labor‐productivity …

In the years since the Great Recession, many observers have highlighted the slow pace of
productivity growth around the world. For the United States and Europe, we highlight that …

We study the relationship between credit expansions, macroeconomic fluctuations, and
financial crises using a novel database on the sectoral distribution of private credit for 117 …

Productivity growth—the key long-term driver of living standards—fell sharply following the
global financial crisis, adding to structural headwinds already blowing before the crisis, and …

The euro crisis was fuelled by the diabolic loop between sovereign risk and bank risk,
coupled with cross-border flight-to-safety capital flows. European Safe Bonds (ESBies), a …

Lúcido, accesible y provocativo, y ahora completamente actualizado para tratar los
acontecimientos recientes que han sacudido la economía global, La globalización del …

We provide evidence that a weak banking sector has contributed to low productivity growth
following the European sovereign debt crisis. An unexpected increase in capital …