Despite massive digitization efforts, the German economy has experienced a marked slowdown in its productivity growth … that commenced around 2005. The successful integration of five million predominantly low-productivity workers into the … labor market induced an attenuating effect on productivity growth. This does not explain the slowdown entirely, however. As …

-level investment is procyclical. We show that a heterogeneous-firm RBC model with quantitatively realistic countercyclically disperse … state investment rate distribution, produces investment dispersion that positively comoves with the cycle, with a … correlation coefficient of 0.58, compared to 0.45 in the data. We argue more generally that the cross-sectional business cycle …

question in the context of a heterogeneous-firm RBC model with persistent firm-level productivity shocks and lumpy capital …-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment ; countercyclical risk ; aggregate shocks …

productivity in the rest of the economy. To separate exogenous gains in ICT from other technological progress, we use the relative …

used for total factor productivity. -- Cointegration ; Markov regime switching model ; vector error correction model … investigate different identification schemes for bi-variate systems comprising U.S. stock prices and total factor productivity …. The former variable is viewed as reflecting expectations of economic agents about future productivity. It is found that …

findings survive three identification strategies and across subsamples. Then, they are rationalized via the estimation of a two …

total factor productivity which determines economic activity in the long run, but is not contemporaneously observed by … assessment of productivity - from actual time series, we rely on an informational advantage over market participants …