positive technology shock, and (c) measured productivity increases temporarily in response to a positive demand shock. More …Using data for the G7 countries, I estimate conditional correlations of employment and productivity, based on a …) technology shocks appear to induce a negative comovement between productivity and employment, counterbalanced by a positive …

-open-economy real-business-cycle model driven by nonstationary productivity shocks. We find that the RBC model does a poor job at … business cycles in emerging markets and, importantly, assigns a negligible role to nonstationary productivity shocks …

. Long-run identifying restrictions are used to decompose productivity, hours, and output into technology shocks and non …

's adjusted TFP data to identify impulse responses to news shocks about future productivity in a structural VAR. The vintage of …

We dissect the comovement patterns of the macroeconomic data, identify a single shock that accounts for the bulk of the … TFP, to news about future productivity or the long run, and to demand shocks of the New Keynesian type. Instead, it …

technology shock measures. We argue that the properties of technology shocks for the manufacturing sector are quite different …

reallocation is closely linked to productivity. While these patterns hold on average, the extent to which the reallocation dynamics … accelerated reallocation even more productivity enhancing than reallocation in normal times. In the Great Recession, we find the … intensity of reallocation fell rather than rose and the reallocation that did occur was less productivity enhancing than in …

This paper analyzes the quality of VAR-based procedures for estimating the response of the economy to a shock. We focus … question that has attracted a great deal of attention in the literature: How do hours worked respond to an identified shock? In … all of our examples, as long as the variance in hours worked due to a given shock is above the remarkably low number of 1 …