positive price-income association is attributable, at least partly, to the Balassa-Samuelson productivity differential effect …

domestic product fluctuations and external balances. We produce a model that replicates these facts. A productivity shock in a …

). Both the model and data series show that the major drop in output was due to productivity. In addition, the timing of the …

of trend productivity shocks to fluctuations in key macroeconomic variables, and lower consumption volatility, than Latin …. First, the first three differences are mainly explained by a higher persistence of trend productivity shocks in Asia than in … the differences in their economic structure. The differences in the contribution of trend productivity shocks in economic …