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We show that TFP reacts counter-cyclically to macroeconomic shocks, which we identify by imposing sign restrictions … output gap, are stronger when we allow TFP to depend on the state of the business cycle. …
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Previous research shows that technical progress at the industry level, measured by sectoral TFP growth, is more … localized in continental European countries than in Anglo-Saxon coun-tries. We use EU KLEMS data sets to decompose sectoral TFP … technological progress is much more evenly distributed across sectors than TFP. …
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. This book includes chapters using data envelopment analysis (DEA) or stochastic frontier analysis (SFA) as quantitative … Models -- Chapter 7. Local Circularity of Six Classic Price Indexes -- Chapter 8. Robust DEA efficiency scores: A heuristic …
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Expectations matter for economic activity. To the extent that they are fundamentally unwarranted, they represent "undue optimism or pessimism" (Pigou, 1927). In this paper, we identify empirically the effect of undue optimism/pessism ("optimism shocks") on economic activity. In a first step, we...
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Intro -- Contents -- Acknowledgments -- Introduction / Ajay Agrawal, Joshua Gans, and Avi Goldfarb -- I. AI as a GPT -- 1. Artificial Intelligence and the Modern Productivity Paradox: A Clash of Expectations and Statistics / Erik Brynjolfsson, Daniel Rock, and Chad Syverson, Comment: Rebecca...
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