's (1982) model of learning in a setting where each firm gradually learns about its own productivity, and each occasionally … experiences a shock forcing it to start learning afresh. Firms differ in their information; more informed firms have lower … posterior variances in beliefs. An uncertainty shock is a rise in the probability that any given firm will lose its information …

, I develop a heterogeneous-firms model that endogenizes declines in aggregate productivity through reallocation towards …-cycle of 2003-2012, the calibrated model generates about 50% of the observed productivity decline. …

productivity growth. This paper offers a quantitative study on the link between uncertainty and low productivity growth. Firstly … Recession. Secondly, to investigate the effect of uncertainty on productivity growth dynamics, I present a novel general … productivity growth when accounting for the empirical discrepancy between the realised and expected changes to the second-moment of …

Epstein-Zin preferences to study the volatility implications of a monetary policy shock. An unexpected increases in the policy … volatility effects of the shock are driven by agents' concern about the (in)ability of the monetary authority to reverse …