Procyclical productivity plays an important role in many models of aggregate fluctuations. However, recent studies … procyclicality of productivity observed in aggregate data may be understated. Using plant-level microdata, this paper finds that the … component in aggregate productivity. This paper shows that such composition changes may cause a downward bias in industry …

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 …

potential growth, largely reflecting a decline of total factor productivity (TFP) growth; (ii) by contrast, trend growth for the …