Typical dynamic general-equilibrium (DGE) models with stochastic productivity, consumers with state-separable (expected … quantities to productivity shocks unaltered from the solutions under expected utility, but can raise substantially the welfare … allocation continues to imply a volatile consumption stream in response to productivity shocks. These results highlight an …

. Similarly, the trend in multifactor productivity (MFP) seems to pass through different regimes; there was an extended period of …

embodiment, the present model assumes that new technology increases the productivity of capital of all vintages, but only new …

In the second half of the 1990s, U.S. productivity growth moved up to rates not seen in several decades. In this paper …, I use time-varying parameter techniques to isolate trend from cyclical movements in productivity and to obtain an … estimate of the trend rate of productivity growth. I examine models both with and without an explicit role for capital …

Trend growth in total factor productivity (TFP) is unobserved; it is frequently assumed to evolve continuously over …, however, innovations to the trend growth rate of total factor productivity are far from normal. The distribution is fat …

essentially unable to explain any effects of sectoral reallocation on aggregate productivity or related quantities (such as the … in this setting are then shown to have first-order effects on aggregate productivity and real wages, and can explain the …