Measured productivity is strongly procyclical. Real business cycle theories suggest that actual fluctuations in … productivity are the source of fluctuations in aggregate output. Keynesian theories maintain that fluctuations in aggregate output … to explain the procyclicality of productivity. If observed productivity shocks are true productivity shocks, a function …

and capital are important for explaining procyclical productivity. Here I present two simple and direct tests of these …

procyclicality of productivity, and simultaneously predicts large welfare losses from monetary non-neutrality. The key features of …

productivity growth, higher markups in product markets, and spending declines resulting from tighter lending standards at financial …

using first-order approximations. In our estimated medium-scale DSGE model, a loss of confidence about productivity works …

values of the standard Solow productivity residual. The equivalence holds if the representative household maximizes utility …

effect of spillovers on research productivity of firms exceeds the structural effect because it includes an active learning …