Recessions are associated with sharp increases in turbulence that reshuffle firms' productivity rankings. To study the business cycle implications of turbulence shocks, we use Compustat data to construct a measure of turbulence based on the (inverse of) Spearman correlations of firms'...

A macro-health model with endogenous survival probability dependent on health history builds in a real business cycle (RBC) framework three channels of endogenous health accumulation documented in various scientific disciplines: (1) health affects utility; (2) health affects productivity but...