Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - Federal Reserve Bank of San Francisco - 2009
Identifying productivity and real demand shocks in the US with sign restrictions based on standard theory, we provide … evidence on real and financial channels of their international propagation. Productivity gains in US manufacturing have … substantial macroeconomic effects, raising US consumption, investment and the terms of trade, relative to the rest of the world …