This article investigates the effect of bank lending frictions on employment outcomes. I
construct a new data set that combines information on banking relationships and …

Macroprudential policies are designed to make financial crises less likely or less severe. At
the same time, they might also curb output growth by affecting credit supply and investment …

As countries develop, the main driver of economic growth shifts from imitation to innovation.
These two sources of growth require different policies and institutions. In particular, in this …

Productivity growth and finance: The role of intangible assets A sector level analysis
Investment in intangible assets has become an increasingly important driver of productivity …

R&D investment has well‐known liquidity problems, with potentially important
consequences. In this study, we analyze the effects of monetary policy on economic growth …

This paper analyses the effectiveness of monetary policy during downturns associated with
financial crises. Based on a sample of 24 developed countries, our empirical analysis …

1 Malinvaud's celebrated 1953 article on “Capital Accumulation and the Efficient Allocation
of Resources” introduced the notions of capital, interest rates and dynamic efficiency into the …

The purpose of this paper is to show that both Schumpeterian growth theory and
Schumpeter's own thinking can be helpful in order to think about growth policy design and …

We study the effects of a contraction in financial intermediation on nonfinancial firms. The
Panic of 1907 originated in the shadow banks of the time, New York's trust companies. The …

In this paper we argue that monetary easing fosters growth more in more credit‐constrained
environments, and the more so the higher the degree of product market competition. Indeed …