The Beveridge-Nelson (BN) technique provides a forecast-based method of decomposing a variable such as output, into … of the BN decomposition when the information set includes other I (1) and/or stationary variables. We show that the … relative importance of the cyclical component depends on the information set, and in particular that multivariate BN …

decentralized banking that produces exchange credit. Positive shocks to credit productivity and money supply increase velocity, as … money demand falls, while a positive goods productivity shock raises temporary output and velocity. The paper explains such … velocity volatility at both business cycle and long run frequencies. With filtered velocity turning negative, starting during …

to an end. This paper offers evidence that the decrease in output volatility still remains in force despite the GR and …

To generate big responses of unemployment to productivity changes, researchers have reconfigured matching models in … these redesigned matching models increase responses of unemployment to movements in productivity by diminishing the …

generates two main predictions: long-run unemployment increases with (i) a fall in long-run productivity growth and (ii) a rise … in the variance of productivity growth. Evidence based on U.S. time series and on an international panel strongly … supports these predictions. The empirical specifications featuring the variance of productivity growth can account for two U …

job creation in the US, is its slower productivity growth. This paper begins with data showing that US productivity growth … has been essentially zero since 1973 outside of manufacturing. In contrast, productivity growth in US manufacturing has …

panel of industries in 17 countries from 1993-2007. We find that industrial robots increased both labor productivity and ….37 percentage points. We also find that robots increased both wages and total factor productivity. While robots had no significant …

information in investor demand co-exists with the presence of capacity constraints in hedge fund returns, confirming two main …

for private information. We charac terize optimal mechanisms and analyze specific programs often used during banking …