The benefits from the New Economy should accrue as improvements in productivity and economic growth. But while the use … apparent ‘productivity paradox’. The most obvious one is the fact that not many countries, other than the US, have yet invested …

money demand falls, while a positive goods productivity shock raises temporary output and velocity. The paper explains such … important for velocity during less stable times and the goods productivity shock more important during stable times. … decentralized banking that produces exchange credit. Positive shocks to credit productivity and money supply increase velocity, as …

rate and the unemployment rate? In the model, fluctuations are prominently driven by productivity shocks which are commonly …

shocks to the real interest rate. The common theme among these identifications is a technological change in productivity that …

technology shocks. It is found that hours worked increase on impact in response to a technology shock (though the effect dies …

investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the … relative price of investment. The second shock affects the production of installed capital from investment goods or, more … broadly, the transformation of savings into future capital input. We find that this shock is the most important driver of U …

investigate different identification schemes for bi-variate systems comprising U.S. stock prices and total factor productivity …. The former variable is viewed as reflecting expectations of economic agents about future productivity. It is found that … used for total factor productivity. …