Productivity rises in booms and falls in recessions. There are four main explanations for procyclical productivity: (i … are particularly important in explaining procyclical productivity. We argue that the reallocation effects that we identify …

Explanations of procyclical productivity playa key role in a variety of business-cycle models. Most of these models … aggregate productivity changes into several terms, each of which has an economic interpretation. However, many of these tenus …

manufacturing sector has little or no significant effect on the productivity of other sectors. Using value-added data, however, we …

Aggregate productivity and aggregate technology are meaningful but distinct concepts. We show that a slightly …-modified Solow productivity residual measures changes in economic welfare, even when productivity and technology differ because of …-technological gaps between productivity and technology, gaps reflecting imperfections and frictions in output and factor markets …