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

rates of total factor productivity in distinct consumption- and investment-goods- producing technologies. This model … attributes most of the productivity slowdown of the 1970s to the consumption-goods sector; it suggests that a slowdown in the …

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

This work examines the presence of unobserved components in the time series of Total Factor Productivity, which is an … cycles rely on certain properties of the different components of the time series of Total Factor Productivity. In the study … secular component of Total Factor Productivity. While in the study of business cycles, the Real Business Cycle approach …

but not by financial reforms or productivity gains. …

as on the three main growth channels: total factor productivity, physical capital accumulation, and human capital …

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