Historical data for over hundred years and 14 countries is used to estimate the long-run effect of productivity on the … real exchange rate. We find large variations in the productivity effect across four distinct monetary regimes in the sample … argue that changes in trade costs over time may affect the impact of productivity on the real exchange rate over time. We …

factor productivity growth–particularly among the less productive firms under private Chinese or foreign ownership, but not …

demographics and the productivity of those who will still be active during the up-coming period of demographic ageing. As … productivity is difficult to investigate at a micro level, the paper builds on a large macro-data panel covering developed as well … output per worker as well as on total factor productivity (TFP). The results confirm earlier findings by Feyrer (2007 …

productivity depends on their age through the build-up of labour market experience and the depreciation of human capital. We make … wisdom following an increase in longevity, depending on the corresponding change in the age-productivity profile …

pessimism) pertains to total factor productivity, which determines economic activity in the long run. Optimism shocks are … perceived changes in productivity that do not actually materialize. We develop a new strategy to identify optimism shocks in a … and the real-time prediction of professional forecasters. We find that optimism shocks – in line with theory - generate a …