Review of Explaining Growth: A Global Research Perspective, edited by Gary McMahon and Lyn Squire; and Productivity Growth, Inflation, and Unemployment: The Collected Essays of Robert J. Gordon by Robert J. Gordon

This paper extends the analytical framework provided by Glick and Rogoff (1995. Journal of Monetary Economics 35, 159-192) to an economy with traded and nontraded goods, and it analyzes the impact of country-specific and global productivity shocks on the current account and investment. Each of...