-adjusted total factor productivity series, which we take as a measure of exogenous productivity. In contrast to the predictions of … the model, positive productivity shocks are estimated to be more expansionary at the ZLB compared to normal times. However …, in line with the predictions of the basic model, positive productivity shocks have a stronger negative effect on …

-adjusted total factor productivity series, which we take as a measure of exogenous productivity. In contrast to the predictions of … the model, positive productivity shocks are estimated to be more expansionary at the ZLB compared to normal times. However …, in line with the predictions of the basic model, positive productivity shocks have a stronger negative effect on …

Using a sign restrictions approach, we document that total factor productivity (TFP) moves counter-cyclically in the … that the decline in the output gap, following an adverse shock, is dampened by the endogenously improving TFP as long as …

Using a sign restrictions approach, we document that total factor productivity (TFP) moves counter-cyclically in the … that the decline in the output gap, following an adverse shock, is dampened by the endogenously improving TFP as long as …

This paper shows that increased volatility of Örm-level productivity can push the nominal interest rate to its lower …