empirical fi nding that labor productivity was procyclical; a framing of this fi nding as a “puzzle” or anomaly fo r the basic …

decisions they jointly improve their productivity. Markets are missing, however, in the sense that industries cannot …

but not by financial reforms or productivity gains. …

and data series show that the major drop in output was due to productivity. In addition, the timing of the banking reforms …

In this paper, we find that expected (news) and unexpected (contemporaneous) components of productivity changes have … factor productivity (TFP) into news and contemporaneous productivity changes. The US real exchange rate appreciates following … international transmission of productivity shocks and the modeling of exchange rate volatility. …