it generates less than 10 percent of the observed business cycle fluctuations in unemployment given labor productivity … shocks of plausible magnitude. This paper argues that part of the problem lies with the identification of productivity shocks …. Because of the endogeneity of measured labor productivity, filtering out the trend component as in Shimer (2005) may not …

This paper presents accounting decompositions of changes in aggregate labor and capital productivity. Our simplest … decomposition breaks changes in an aggregate productivity ratio into two components: A mean component, which captures common changes … to firm factor productivity ratios, and a dispersion component, which captures changes in the variance and higher order …

heterogeneous qualities in response to demand shocks alter the total factor productivity of the economy through a process of …

future productivity help to explain the overall counter-cyclical behavior of the real rate.A sub-sample analysis documents …

shock to one firm affects its ability to make payments to its suppliers. The credit linkages between firms propagate … a considerable portion of these effects. In contrast, productivity shocks had a negligible impact during the recession …