This paper analyses the welfare implications of international spillovers related to productivity gains, changes in …-equilibrium model with monopolistic competition, drawing a distinction between productivity gains that enhance manufacturing efficiency …

This paper investigates the international transmission of productivity shocks in a sample of five G7 countries. For … each country, using long-run restrictions, we identify shocks that increase permanently domestic labour productivity in … fall when its output grows, thus providing a mechanism to contain differences in national wealth when productivity levels …

liabilities, net output and consumption all increase – consistent with the effect of productivity gains raising domestic return to …

losses on equity positions feature persistent, anticipated dynamics in response to productivity shocks. The separation of …

, reduced markup countercyclicality, and weaker substitution effects in labor supply in response to productivity shocks. Bank …

shock – naturally interpreted as a productivity shock – raises consumption swiftly while causing net output to adjust only …

This paper analyses the transmission of productivity shocks across countries and how the responses of investment and … quickly to the other two economies, while European and Japanese shocks have little impact on other countries' productivity. We … find that productivity increases lead to domestic investment booms and current account deficits. Investment in other …