characterized by changes in long-term productivity growth. The Great Inflation of the 1970s was accompanied by trend productivity … slowdown while the New Economy of the 1990s was characterized by trend productivity pickup, which was driven by innovations in … policy debates as to the role of monetary policy in limiting or accentuating the effects of productivity growth. …

output and total factor productivity (TFP) in the wake of a crisis. Second, we develop a DSGE model with financial frictions …