This paper documents the evidence for a productivity based model of the dollar/euro real exchange rate over the 1985 …-2001 period. We estimate cointegrating relationships between the real exchange rate, productivity, and the real price of oil using … productivity differential results in a five percentage point real appreciation of the dollar. This finding is robust to the …

United States relative to Japan. High productivity growth in the traded sector of the Japanese economy results in a … continuous fall in the prices of traded goods relative to nontraded goods in Japan. In order to keep U.S. traded goods … based on GDP deflators, for example, would have had to fall by 38% relative to the real exchange rate based on unit labor …

fraction of the dispersion, which stems largely from other factors: a component correlated with productivity and a fixed effect …

not with higher productivity or profitability. The evidence suggests that intangible investment is associated with growth … and 'soft' performance objectives, but not with productivity or profitability …

output. If changes in the labor input are more precisely measured, then it is possible to observe little change in measured … total factor productivity (TFP) coincidentally with large changes in hours and investment. This mismeasurement leaves … business cycle modelers with large and unexplained labor wedges accounting for most of the fluctuations in aggregate data. To …

how this leads to an underestimation of productivity growth in the early years of a new GPT, and how later, when the … benefits of intangible investments are harvested, productivity growth will be overestimated. Our model generates a Productivity … J-Curve that can explain the productivity slowdowns often accompanying the advent of GPTs, as well as the increase in …

least two drivers of rising concentration: market power and productivity gains. Productivity gains derived from intangibles …

We study why capital accumulation in Argentina was slow in the 1990s and 2000s, despite high productivity growth and … response of investment to a total factor productivity increase is muted and short-lived, while the response to a decrease is …

Starting in the early 1990s, countries in southern Europe experienced low productivity growth alongside declining real … dispersion of the return to capital across firms, a stable dispersion of the return to labor, and a significant increase in … productivity losses from capital misallocation over time. We develop a model with size-dependent financial frictions that is …