. Long-run identifying restrictions are used to decompose productivity, hours, and output into technology shocks and non …

, and productivity shocks on macroeconomic activity during the Great Depression. To construct a parsimonious and common … wedge. We estimate a monetary DSGE model with cartel wedges along with productivity and monetary shocks. Our main finding is …

We propose uncertainty shocks as a new shock that drives business cycles. First, we demonstrate that microeconomic …

This paper investigates a real-business-cycle economy that features dispersed information about the underlying … aggregate productivity shocks, taste shocks, and, potentially, shocks to monopoly power. We show how the dispersion of … information can (i) contribute to significant inertia in the response of macroeconomic outcomes to such shocks; (ii) induce a …

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

provide a microfoundation for aggregate productivity shocks. Existing research has focused on using aggregate shocks to …

We investigate how the deterioration of household balance sheets affects worker productivity, and whether such effects …. We find that, following a negative wealth shock, innovative workers become less productive, and generate lower economic …

-open-economy real-business-cycle model driven by nonstationary productivity shocks. We find that the RBC model does a poor job at … business cycles in emerging markets and, importantly, assigns a negligible role to nonstationary productivity shocks …

of the economy following an aggregate productivity shock are also affected by the presence of imperfect information … regarding aggregate productivity. The shock to this public signal, or quot;news shock,quot; has the features of an aggregate …: after a productivity shock output adjusts gradually to its higher long-run level, and there is a temporary negative effect …