investment-specific productivity. We document that in U.S. postwar quarterly data total factor productivity (TFP) and the … cointegrated if and only if neutral and investment-specific productivity share a common stochastic trend. We econometrically …

rates of total factor productivity in distinct consumption- and investment-goods-producing technologies. This model … attributes most of the productivity slowdown of the 1970s to the consumption-goods sector; it suggests that a slowdown in the …

-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 …

Using data for the G7 countries, I estimate conditional correlations of employment and productivity, based on a …) technology shocks appear to induce a negative comovement between productivity and employment, counterbalanced by a positive … positive technology shock, and (c) measured productivity increases temporarily in response to a positive demand shock. More …

Does news about future productivity cause business-cycle fluctuations? What other effects might it have? We explore the … in lockstep with productivity. For the most part, the quantity and inflation responses are quite consistent with the …