Aggregate Uncertainty and Sectoral Productivity Growth : The Role of Credit Constraints

The Role of Credit Constraints

Aggregate Uncertainty and Sectoral Productivity Growth : The Role of Credit Constraints
We show that an increase in aggregate uncertainty—measured by stock market volatility—reduces productivity growth more in industries that depend heavily on external finance. This effect is larger during recessions, when financing constraints are more likely to be binding, than during expansions. Our statistical method—a difference-in-difference... READ MORE...

Publication date: August 2016
ISBN 9781475526370
$18.00

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