Productivity rises in booms and falls in recessions. There are four main explanations for this procyclical productivity … procyclical productivity as an essential feature of business cycles because each explanation has important implications for … utilization and resource reallocations are particularly important in explaining procyclical productivity. We also argue that the …

and capital are important for explaining procyclical productivity. Here I present two simple and direct tests of these …

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

procyclicality of productivity, and simultaneously predicts large welfare losses from monetary non-neutrality. The key features of …