structural news shock model adapted to reproduce the cointegrating relationship between total factor productivity and the … United States, respectively, reconciling the discrepancy between theory and data. …

aggregate hours worked respond positively to a positive technology shock. Two novel aspects of the analysis are the scope (14 … hours. We show that the short-run response of aggregate hours to a positive technology shock is remarkably similar across …

This paper examines the effects of expansionary technology shocks (shocks that increase labor productivity and factor … inputs) as opposed to contractionary technology shocks (shocks that increase labor productivity, but decrease factor inputs … productivity and production inputs. In addition, these shocks trigger different reactions of certain variables, which can help …

measurement of labor input as well as determining the effect of productivity shocks on labor, but a number of questions remain. As … for measurement, the issue of schooling needs further work. As for calculating the long-run impact of labor productivity …-term identification delivers more reasonable results. -- technological progress ; business cycles ; hours worked ; labor productivity …

the delayed responses of output and consumption after a productivity shock. -- rule-of-thumb consumers ; productivity …In this paper we study the transmission mechanism of productivity shocks in a model with rule-of-thumb consumers. In … of rule-of-thumb consumers is also very helpful in accounting for recent empirical evidence on productivity shocks. Rule …

labor productivity shock has a strong negative effect on employment. There are tantalizing and interesting differences … employment increase in response to a permanent TFP shock. This raises serious questions about existing work that finds that a … between TFP and labor productivity. We argue that TFP is a more natural measure of technology because labor productivity …

change from that of production factors, with the residual serving as a measure of total factor productivity growth. His … place in the 1950s and 1960s (measurement issues, increasing returns to scale or procyclical productivity). They both have …

productivity of the rest of the economy …

. First, we document that time-series of US productivity and hours are apparently affected by a structural break in the late …