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 …

The evidence for a productivity-based explanation for real exchange rate behavior of East Asian currencies is examined … relative productivity ratios, one finds a relationship for Japan, Malaysia, and the Philippines. Only when augmenting the … productivity variables, as well as other demand side factors, are less encouraging, except for a small subset of countries …

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

permit estimation using standard Bayesian techniques. Applying our framework to an estimated New-Keynesian business cycle …

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

by a shock that does not affect productivity in the short run -- and therefore does not look like a standard technology … shock -- but affects productivity with substantial delay -- and therefore does not look like a monetary shock. One … precede productivity growth by a few years. Moreover, we show that this shock explains about 50\% of business cycle …

-adjusted total factor productivity series, which we take as a measure of exogenous productivity. In contrast to the predictions of … the model, positive productivity shocks are estimated to be more expansionary at the ZLB compared to normal times. However …, in line with the predictions of the basic model, positive productivity shocks have a stronger negative effect on …