suggest that mostly labor market, world demand and financial friction shocks account for the joint dynamics of excess …

suggest that mostly labor market, world demand and financial friction shocks can account for the joint dynamics of excess …

. Employing sign restrictions, our findings suggest that mostly labor supply, world demand and financial friction shocks account …

suggest that mostly labor market, world demand and financial friction shocks can account for the joint dynamics of excess …

I study the implications of productivity shocks in a model where agents observe the aggregate level of productivity but … those under full information and are in line with several empirical findings: (i) the response of investment to a permanent … shock is sluggish and peaks with delay; (ii) permanent shocks generate positive rather than negative savings on impact; and …