Learning by doing changes how financial frictions appear in data.
Learning by doing changes how financial frictions appear in data.
Financially constrained firms need not have high marginal products of capital (MPK) or TFPR, so standard diagnostics may understate the aggregate effects of financial frictions.
Financially constrained firms need not have high marginal products of capital (MPK) or TFPR, so standard diagnostics may understate the aggregate effects of financial frictions.
