Trend growth in total factor productivity (TFP) is unobserved; it is frequently assumed to evolve continuously over …, however, innovations to the trend growth rate of total factor productivity are far from normal. The distribution is fat …

and productivity. A model with monopolistic competition, a continuum-of-goods, and endogenous tradability allows for … theory and history to be consistent for a wide range of underlying productivity shocks. …

productivity (TFP) using newly organized data on 145 countries that span more than one hundred years for twenty-four of these …

The authors study the hypothesis that misperceptions of trend productivity growth during the onset of the productivity … endogenous investment as well as explicit, exogenous growth in productivity and the labor input. They assume the monetary … the trend productivity growth rate under learning. They find that a substantial portion of the observed increase in …