We study how total factor productivity (TFP), energy prices, and the Great Moderation are linked. First we estimate a … negatively affected productivity. This spillover has since disappeared. Second, we show that within the framework of a dynamic … stochastic general equilibrium model, the disappearance of this energy-productivity spillover generates the significantly lower …

variance of its components, which is then applied to measure the relative contributions of productivity, hours per worker, and … employment to cyclical output growth across a panel of countries. Measured productivity contributes more to the cycle in Europe …