We study equity price volatility in general equilibrium with news shocks about future productivity and monetary policy …

between the United States and the rest of the world, this paper asks to what extent an asymmetric productivity shock in the … second half of the 1990s. The paper concludes that the Balassa-Samuelson effect of such a productivity shock is only part of …

productivity and monetary policy. We identify a condition under which these asset prices become more volatile without affecting the … to productivity shocks. The model we set up does well at matching second moments of exchange rate and equity returns for …

This paper investigates the role played by total factor productivity (TFP) in the tradable and nontradable sectors of …

the world economy. This paper examines the possible impact of fiscal adjustment and productivity-enhancing structural … imbalance with only limited spillovers to the rest of the world. Specifically, faster productivity growth would help lower Japan …''s debt and limit the tendency of fiscal consolidation to increase the external surplus. In fact, very rapid productivity …