Barnichon, Regis - Federal Reserve Board (Board of Governors of the … - 2009
it generates less than 10 percent of the observed business cycle fluctuations in unemployment given labor productivity … shocks of plausible magnitude. This paper argues that part of the problem lies with the identification of productivity shocks …. Because of the endogeneity of measured labor productivity, filtering out the trend component as in Shimer (2005) may not …