like Italy, with large budget deficits, the commitment to a stable EMS exchange rate can entail costly fiscal adjustment … second stage of European Monetary Union (EMU) if Italy fails to reduce its budget deficit, providing support for the view …

At a macroeconomic level, infrastructure and productivity are positively correlated in the United States and other … infrastructure to productivity, or the reverse. This paper focuses on roads, and finds that vehicle-intensive industries benefit … disproportionately from road-building: when road growth changes, productivity growth changes more in industries that are more vehicle …

countries. The paper begins by surveying earlier estimates of relative productivity and unit labor cost levels and evaluating … productivity translated into dollars at purchasing power parity exchange rates. These estimates are compared with results obtained …

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 …

, investment, average productivity and output . This evidence contrasts sharply with the results reported in a large and growing …