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Conditional on a contractionary monetary policy shock, the labor share of value added is expected to decrease in the basic New Keynesian model. By providing firm-level evidence, we are first to validate this proposition. Using local projections and high dimensional fixed effects, we show that a...
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the implications of digitalisation for measurement, productivity, labour markets and inflation, as well as more recent … lagging behind the United States and Japan. Rising digitalisation has rendered price measurement more challenging, owing to …, aggregate productivity growth has decreased in most advanced economies since the 1970s. However, it is likely that without the …
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