, 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 …

combination of productivity growth (Balassa-Samuelson effects) and labor market distortions help explain real exchange rate trends …

Specialization is a powerful source of productivity gains, but how production networks at the industry level are … related to aggregate productivity in the data is an open question. We construct a database of input-output tables covering a … a strong and robust relationship between the strength of industry linkages and aggregate productivity. We then calibrate …

rate spread, and non-performing loans. A TFP decomposition finds that most of the productivity gains are captured by a …