when measuring productivity. Correcting these two measurement errors restores to Glick and Rogoff's conclusion its original …

empirically, as global shocks account for roughly fifty percent of the overall variance of productivity. An apparent puzzle …, however, is that the current account seems to respond by much less than investment to country-specific productivity shocks …-specific productivity; in general, the current account response is more sensitive than is the investment response. Our results thus support …

This paper investigates the impact of globalization on productivity growth and the procyclicality of productivity … in international demand affect productivity growth differently from changes in exposure to international competition. An … increase in foreign demand for U.S. exports raises trend productivity growth, but to a lesser degree than does a similar demand …