Productivity rises in booms and falls in recessions. There are four main explanations for this procyclical productivity … procyclical productivity as an essential feature of business cycles because each explanation has important implications for … utilization and resource reallocations are particularly important in explaining procyclical productivity. We also argue that the …

institutional and structural changes that China has undergone. We find that increases in bank reserve requirements reduce economic … account. Overall, our results indicate that the monetary policy transmission channels in China have moved closer to those of …