standard neoclassical growth model with US data and assume that an exogenous shock has driven aggregate output far below steady … the generality of this result w.r.t. size and persistence of the shock, size of the government spending multiplier, and …

business cycle. Second, a shock that moves the land price is capable of generating large volatility in unemployment. Our …

. We use the theory to compare current accounting measures for labor productivity and investment with the corresponding … by introducing intangible investment and non-neutral technology change with respect to producing intangible investment … goods and find that the 1990s are not puzzling in light of this new theory. There is compelling micro and macro evidence for …