positive technology shock, and (c) measured productivity increases temporarily in response to a positive demand shock. More …Using data for the G7 countries, I estimate conditional correlations of employment and productivity, based on a …) technology shocks appear to induce a negative comovement between productivity and employment, counterbalanced by a positive …

productivity. Agents are hit by heterogeneous productivity shocks, they observe their own productivity and a noisy public signal … regarding aggregate productivity. The shock to this public signal, or quot;news shock,quot; has the features of an aggregate … demand shock: it increases output, employment and inflation in the short run and has no effects in the long run. The dynamics …

candidates for this role: technology or other shocks that map to TFP movements; news about future productivity; and inflationary … demand shocks of the textbook type. Models aimed at accommodating demand-driven cycles without a strict reliance on nominal …

. Long-run identifying restrictions are used to decompose productivity, hours, and output into technology shocks and non …

preference or more generally a demand shock. More recently two other explanations have been advocated: surprise changes in … technology appear to be an important force, with preference/demand shocks and monetary shocks also playing non-negligible roles …

productivity growth, and the exit rate leads all three of these. A vintage capital model in which all technological progress is … operational, both output and productivity increase …

Productivity rises in booms and falls in recessions. There are four main explanations for this procyclical productivity … procyclical productivity as an essential feature of business cycles because each explanation has important implications for … utilization and resource reallocations are particularly important in explaining procyclical productivity. We also argue that the …

I estimate a model in which new technology entails random adjustment costs. Rapid adjustments may cause productivity …