utilization. These novelties have a major impact, especially in Europe, where our estimated TFP growth series are less volatile …-level and aggregate TFP series, as well as the first estimates of utilization-adjusted quarterly TFP growth in Europe …

the U.S. and Europe. Another popular view is that these differences are explained by long-standing European "culture," but … the U.S. and Europe. These policies do not seem to have increased employment, but they may have had a more society …

. Results are presented for the U. S., Japan, and an aggregate called "Europe" consisting of eleven European economies. The … primary theme of the paper is that differences between Europe and the U. S. have been substantially exaggerated in recent work …. Europe has neither greater nominal wage flexibility nor more rigid real wages than the U. S. Evidence that the U. S. exhibits …

rates has been widespread in the analyses by economic policymakers both in Europe and in the United States. In this paper we … been raised by the recent policy debates in Europe and the United States: Have ex ante real rates in the United States and … Europe been high during recent years? Has there been a link between U.S. real rates and those in other countries? Can this …

We investigate whether bonds span the volatility risk in the U.S. Treasury market, as predicted by most 'affine' term …-frequency data. We find that the yield curve fails to span yield volatility, as the systematic volatility factors are largely …-diffusive models is incapable of accommodating the observed yield volatility dynamics. An important implication is that the bond …

inflation process is well described by an unobserved component trend-cycle model with stochastic volatility or, equivalently, an …