-equilibrium model with endogenous productivity growth. For real wage growth above laissez-faire levels, we obtain steady …-state equilibria in which productivity grows at the same rate as wages, the real interest rate is below the laissez-faire level, and so … constant rate equal to the difference between the growth rates of productivity and output. This contrasts with the view that …

This paper proposes an empirical growth model which is consistent with a stochastic steady-state labour productivity …

policy shocks. For each shock, we examine the dynamic effects on the labour market, the importance of the shock for labour … shock. We document that labour market indicators display "hump-shaped" responses to the identified shocks. Technology shocks … shocks apart from the correlations between hours worked, labour productivity and real wages. To account for the unconditional …

estimate dynamic Phillips trade-offs and sacrifice ratios in response to a demand shock. We organize our empirical approach as …

positive permanent technology shock along with a rise in labour productivity that are in line with what the data suggests. … correlation between hours worked and labour productivity. In this Paper, I show that this conjecture is not necessarily correct …. In the basic RBC model, I find that hours worked fall and labour productivity rises after a positive permanent technology …

Germany overtook Britain in comparative productivity levels for the whole economy primarily as a result of trends in … economies of scale in a highly urbanised economy with an international orientation. Low productivity in Germany reflected the … services rather than trends in industry. Britain’s productivity lead in services before World War II reflected external …

This paper shows how misleading is the facile contrast of Europe following a path of high productivity growth, high … shocks may initially create a positive trade-off between productivity and unemployment, they set in motion a dynamic path of … contributions of this paper are to show how a productivity-unemployment trade-off might emerge and how it might subsequently …