investment-specific productivity. We document that in U.S. postwar quarterly data total factor productivity (TFP) and the … cointegrated if and only if neutral and investment-specific productivity share a common stochastic trend. We econometrically … relative price of investment are cointegrated. We show theoretically that TFP and the relative price of investment are …

-open-economy real-business-cycle model driven by nonstationary productivity shocks. We find that the RBC model does a poor job at … business cycles in emerging markets and, importantly, assigns a negligible role to nonstationary productivity shocks …

positive technology shock, and (c) measured productivity increases temporarily in response to a positive demand shock. More …Using data for the G7 countries, I estimate conditional correlations of employment and productivity, based on a …) technology shocks appear to induce a negative comovement between productivity and employment, counterbalanced by a positive …

We dissect the comovement patterns of the macroeconomic data, identify a single shock that accounts for the bulk of the … TFP, to news about future productivity or the long run, and to demand shocks of the New Keynesian type. Instead, it …

preference or more generally a demand shock. More recently two other explanations have been advocated: surprise changes in … investment specific technology and news about future technology growth. The aim of this paper is to provide a quantitative …