I study the implications of productivity shocks in a model where agents observe the aggregate level of productivity but … shock is sluggish and peaks with delay; (ii) permanent shocks generate positive rather than negative savings on impact; and …

with a small shock to the money supply in one of the countries creates swings in the exchange rate. This is illustrated in …

Hauptinteresse geht dahin, herauszufinden, ob die Gleichgewichtsdynamik, die aus diesem Lernprozess resultiert, dabei helfen kann …

recommendations to reduce the trade imbalances through productivity-enhancing reforms in advanced economies are likely to yield only …

recommendations to reduce the trade imbalances through productivity-enhancing reforms in advanced economies are likely to yield only …

-traded productivity shocks as well as UIP deviations in explaining the puzzles. -- Current account dynamics ; real exchange rates …

productivity. We show that long-run growth estimates based on filtering U.S. productivity data comove strongly with long …-horizon survey expectations. By simulating the model in which agents filter data on U.S. productivity growth, we closely match the U …

productivity. We show that long-run growth estimates based on filtering U.S. productivity data comove strongly with long …-horizon survey expectations. By simulating the model in which agents filter data on U.S. productivity growth, we closely match the U …