Remarks at the Regional Economic Press Briefing, New York City.

Remarks at the Washington and Lee University H. Parker Willis Lecture in Political Economics, Lexington, Virginia.

Remarks before the Morris County Chamber of Commerce, Florham Park, New Jersey.

Remarks at New York University's Stern School of Business, New York City.

Remarks at the Dutchess County Regional Chamber of Commerce, Fishkill, New York.

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Remarks by President Dudley at the Brooklyn Chamber of Commerce Brooklyn Borough Hall, Brooklyn, New York.

Remarks at the at the Society of American Business Editors and Writers Fall Conference, City University of New York, Graduate School of Journalism, New York City.

Remarks at the State University of New York at New Paltz, New Paltz, New York.

Standard real business cycle models must rely on total factor productivity (TFP) shocks to explain the observed comovement of consumption, investment, and hours worked. This paper shows that a neoclassical model consistent with observed heterogeneity in labor supply and consumption can generate...