This paper analyzes the link between monetary policy and capital misallocation in a New
Keynesian model with heterogeneous firms and financial frictions. In the model, firms with a …

The" hysteresis effect," in which short-term economic shocks can influence long-term
economic trends, has been widely recognized. This paper presents empirical analyses of …

El Banco de España utiliza distintos modelos de carácter microeconómico,
mayoritariamente de naturaleza empírica, para sustentar su toma de decisiones en relación …

The Banco de España uses various microeconomic models, mostly of an empirical nature, to
support its decision-making in relation to the analysis of economic and financial risks and …

I study optimal macroprudential policy when its effects on investment and productivity are
taken into account. To do so, I introduce a tractable way of modeling misallocation that …

This paper examines the effect of monetary policy shocks on the Total Factor Productivity
(TFP) of high-tech versus low-tech firms, focusing on how changes in borrowing costs and …