, productivity, the price level, money and credit stocks during each episode. Two booms stand out in terms of their length and rate … rapid real growth and productivity advance, suggesting that booms are driven at least partly by fundamentals. We find no …

-specific components using a dynamic factor model. We also do this for driving variables found in business cycle models: productivity …, productivity, and the terms of trade. Productivity is the main driving force, with other drivers isolated to particular nations or …

We study the effect of releasing public information about productivity or monetary shocks when agents learn from …

inflation in response to exogenous movements in monetary policy and productivity. In this model, disinflations and productivity … information. The model implies that, in the face of productivity change, a policy of targeting either nominal income or the … and productivity surprises …

productivity growth at the aggregate and firm level during the post-war period. Growth is driven by the development of both (i … variance of aggregate productivity growth is determined mainly by the arrival rate of general innovations. Ceteris paribus, the … increase in firm-level volatility, and a decline in aggregate volatility. The effect on productivity growth is ambiguous. On …

competitive barriers increase productivity to Western levels …

, including persistently high but declining rates of labor and total-factor productivity growth, a U-shaped response of the …