allows increases in measured productivity in response to increases in expenditures via higher search effort from households … utilization and fixed costs to generate procyclical productivity, firms do not have to spend more to achieve it. We estimate the …

Measured productivity is strongly procyclical. Real business cycle theories suggest that actual fluctuations in … productivity are the source of fluctuations in aggregate output. Keynesian theories maintain that fluctuations in aggregate output … to explain the procyclicality of productivity. If observed productivity shocks are true productivity shocks, a function …

market concentration, reduced business dynamism, a widening productivity-gap between industry leaders and followers, and … slower productivity growth. Support for the model's key mechanism is established by showing that a decline in the ten year …

investment-specific productivity. We document that in U.S. postwar quarterly data total factor productivity (TFP) and the … cointegrated if and only if neutral and investment-specific productivity share a common stochastic trend. We econometrically …

provide a microfoundation for aggregate productivity shocks. Existing research has focused on using aggregate shocks to …

aggregate productivity shocks, taste shocks, and, potentially, shocks to monopoly power. We show how the dispersion of … negative short-run response of employment to productivity shocks; (iii) imply that productivity shocks explain only a small …

early 90s to drive a Japanese productivity slowdown. The model can reproduce the observed decline, relative to trend of R …

productivity shocks raise income dispersion, lower the price elasticity of demand, and increase imperfectly competitive firms …

leisure. Business cycles are assumed to be driven by permanent and stationary neutral productivity shocks, permanent …