Productivity rises in booms and falls in recessions. There are four main explanations for this procyclical productivity … procyclical productivity as an essential feature of business cycles because each explanation has important implications for … utilization and resource reallocations are particularly important in explaining procyclical productivity. We also argue that the …

and capital are important for explaining procyclical productivity. Here I present two simple and direct tests of these …

- makes the extent of procyclical productivity depend mainly on the extent of labor hoarding. We show that indeed, whether … productivity is measured via the Solow method using labor's share in revenues or using other methods, it tends to be more …

We examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby … a long-term productivity-enhancing one. Because it takes longer to complete, long-term investment has a relatively less …

reallocation is closely linked to productivity. While these patterns hold on average, the extent to which the reallocation dynamics … accelerated reallocation even more productivity enhancing than reallocation in normal times. In the Great Recession, we find the … intensity of reallocation fell rather than rose and the reallocation that did occur was less productivity enhancing than in …

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 … positive technology shock, and (c) measured productivity increases temporarily in response to a positive demand shock. More …

forward a model of credit frictions to show that if financial integration exceeds financial deepening, productivity will fall …

investment and hiring. Productivity growth also falls because this pause in activity freezes reallocation across units. In the … medium term the increased volatility from the shock induces an overshoot in output, employment and productivity. Thus, second …

early 90s to drive a Japanese productivity slowdown. The model can reproduce the observed decline, relative to trend of Ramp …

I estimate a model in which new technology entails random adjustment costs. Rapid adjustments may cause productivity …