-adjusted total factor productivity series, which we take as a measure of exogenous productivity. In contrast to the predictions of … the model, positive productivity shocks are estimated to be more expansionary at the ZLB compared to normal times. However …, in line with the predictions of the basic model, positive productivity shocks have a stronger negative effect on …

that the productivity shocks required by the model are implausibly large and volatile. Second, these models have difficulty … requires implausibly high cross-country correlations of productivity shocks. This paper builds a model in which the utilization … in (i) reducing the required size of productivity shocks; and (ii) increasing international comovement of factor inputs …

equilibrium model wherein firms face persistent shocks to aggregate and individual productivity. In our model economy, optimal …,s) firm-level investment policies.In the presence of persistent heterogeneity in capital, debt and total factor productivity …, the effects of a financial shock are amplified and propagated through large and long-lived disruptions to the distribution …

aggregate productivity shocks, taste shocks, and, potentially, shocks to monopoly power. We show how the dispersion of … negative short-run response of employment to productivity shocks; (iii) imply that productivity shocks explain only a small …

preference or more generally a demand shock. More recently two other explanations have been advocated: surprise changes in …

volatility is the variation in Revenue Total Factor Productivity which is not explained by either industry- or economy …

decline in output--explained by a drop in aggregate total factor productivity and investment--and a protracted increase in …

estimated with greater precision. The most empirically successful models include productivity measures, government spend- ing …