detrended data for personal consumption expenditures and manufacturing output suggest that the U.S. economy has recovered to … near 90% of pre-pandemic levels as of March 2021, our structural VAR model shows that the component of manufacturing output …

This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … different realizations of firm specific technology shocks, possible leading to default by some firms. The paper advances a new … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined …

Using firm-level survey data for the West German manufacturing sector, this paper revisits the technology …-driven business cycle hypothesis for the case of aggregate investment. We construct a survey-based measure of technology shocks to … gauge their contribution to short-run investment fluctuations. We estimate an upper bound for the contribution of technology …

We examine the comovements between the output indexes of three German sectors (manufacturing, mining, and agriculture …

largest firms are important for an understanding of aggregate volatility in German manufacturing industries. The implications …

This paper provides estimates of labor productivity for one-third of UK manufacturing during the Great Depression. It … the 1929-1932 peak-to-trough years of the Depression. This result has also been found for US manufacturing over the same …

We study differences in the adjustment of aggregate real wages in the manufacturing sector over the business cycle …