prices and total factor productivity (TFP) with the aim of highlighting data patterns that are useful for evaluating business … run movements in total factor productivity and (ii) such stock prices innovations do not affect U.S. sectoral TFPs …

by a shock that does not affect productivity in the short run -- and therefore does not look like a standard technology … shock -- but affects productivity with substantial delay -- and therefore does not look like a monetary shock. One … precede productivity growth by a few years. Moreover, we show that this shock explains about 50\% of business cycle …

This paper is motivated by a set of cross-country observations on labor productivity growth among industrial countries … labor productivity has increased dramatically. The main contribution of the paper is to show how these observations are … demographic factors temporarily become an major determinant of labor productivity growth. Our estimation of the model implies that …