After the global financial crisis, slowdowns of total factor productivity (TFP), often measured as the Solow residual, have been observed across major countries. This study offers an explanation for this by focusing on Japan's financial crises during the 1990s. We first incorporate credit constraints, for financial intermediaries (FIs) and firms, and input–output structure into the standard New Keynesian model, and show that the model delivers multiple channels through which damaged balance sheets reduce measured TFP. We then estimate the model using Japanese data, and show that adverse shocks to FIs' balance sheets played a substantial role in lowering measured TFP.

中文翻译：

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日本失去的几十年生产力放缓：其中有多少可归因于受损的资产负债表？*

全球金融危机之后，主要国家的全要素生产率 (TFP)（通常以索洛残差衡量）出现放缓。本研究通过关注 1990 年代日本的金融危机对此进行了解释。我们首先将金融中介机构 (FI) 和公司的信贷约束以及投入产出结构纳入标准新凯恩斯模型，并表明该模型提供了多个渠道，受损的资产负债表可通过这些渠道减少测得的全要素生产率。然后，我们使用日本数据估计模型，并表明对金融机构资产负债表的不利冲击在降低测得的全要素生产率方面发挥了重要作用。