Financial crises have large deleterious effects on economic activity, and as such have been
the focus of a large body of research. This study surveys the existing literature on financial …

This article surveys the theory on zombie lending incentives and the consequences of
zombie lending for the real economy. It also offers a historical perspective by reviewing the …

We study the microeconomic implications of robot adoption using a rich panel data set of
Spanish manufacturing firms over a 27-year period (1990–2016). We provide causal …

We study the effects of financial frictions on firm exit when firms face large liquidity shocks.
We develop a simple model of firm cost-minimization, where firms' borrowing capacity to …

The fall of labor's share of GDP in the United States and many other countries in recent
decades is well documented but its causes remain uncertain. Existing empirical …

We study the implications of the Great Recession for voting for antiestablishment parties, as
well as for general trust and political attitudes, using regional data across Europe. We find a …

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 …

Using firm-level data on listed non-financial companies in 14 advanced economies, we
document a rise in the share of zombie firms, defined as unprofitable firms with low stock …

An increase in the household debt to GDP ratio predicts lower GDP growth and higher
unemployment in the medium run for an unbalanced panel of 30 countries from 1960 to …