technology shocks in explaining aggregate fluctuations. To this end we estimate the model's posterior density using Markov …

financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined …This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … different realizations of firm specific technology shocks, possibly leading to default by some firms. The paper advances a new …

theory of optimum currency areas. We show that the asymmetric shock of the German unification can be seen not only as the … round of monetary expansion in the EMU. -- monetary union ; German unification ; asymmetric shock ; current account … imbalances ; inter-temporal savings ; financial crisis ; euro crisis ; European debt crisis ; theory of optimum currency areas …

Using firm-level survey data for the West German manufacturing sector, this paper revisits the technology …-driven business cycle hypothesis for the case of aggregate investment. We construct a survey-based measure of technology shocks to … gauge their contribution to short-run investment fluctuations. We estimate an upper bound for the contribution of technology …