, and lower aggregate productivity growth. This strategic effect of lower interest rates on market concentration implies … that aggregate productivity growth declines as the interest rate approaches zero. The framework is relevant for anti … productivity growth as interest rates in the economy have fallen to extremely low levels …

time-series volatility of productivity are also characterized by greater cross-sectional dispersion in productivity …. Volatility in TFP explains one quarter to one third of cross-country productivity dispersion. We document a similar relationship … between productivity volatility and the dispersion of the marginal revenue product of capital (static capital misallocation …

volatility is the variation in Revenue Total Factor Productivity which is not explained by either industry- or economy …We estimate the volatility of plant-level idiosyncratic shocks in the U.S. manufacturing sector. Our measure of … cross-sectoral variation in the volatility of shocks is remarkable. Plants in the most volatile sector are subject to about …

-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 …

This paper offers empirical evidence that real exchange rate volatility can have a significant impact on long-term rate … of productivity growth, but the effect depends critically on a country%u2019s level of financial development. For … countries with relatively low levels of financial development, exchange rate volatility generally reduces growth, whereas for …

increase in firm-level volatility, and a decline in aggregate volatility. The effect on productivity growth is ambiguous. On … productivity growth at the aggregate and firm level during the post-war period. Growth is driven by the development of both (i …) idiosyncratic R&D innovations and (ii) general innovations that can be freely adopted by many firms. Firm-level volatility is …

The paper presents a new empirical regularity between the volatility of productivity growth and long-run unemployment …, for a given level of long-run productivity growth. A theoretical framework based on asymmetric real wage rigidities is … specification based on long-run productivity growth only, especially during the Great Moderation and the Great Recession …