-adjusted total factor productivity series, which we take as a measure of exogenous productivity. In contrast to the predictions of … the model, positive productivity shocks are estimated to be more expansionary at the ZLB compared to normal times. However …, in line with the predictions of the basic model, positive productivity shocks have a stronger negative effect on …

's adjusted TFP data to identify impulse responses to news shocks about future productivity in a structural VAR. The vintage of …

aggregate productivity shocks, taste shocks, and, potentially, shocks to monopoly power. We show how the dispersion of … negative short-run response of employment to productivity shocks; (iii) imply that productivity shocks explain only a small …

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

through its effect on productivity: the entry and exit of firms and the reallocation of resources from less to more efficient … firms explain a relevant part of transitional productivity dynamics. In this paper we use a stochastic general equilibrium …

by a shock that does not affect productivity in the short run -- and therefore does not look like a standard technology … shock -- but affects productivity with substantial delay -- and therefore does not look like a monetary shock. One … precede productivity growth by a few years. Moreover, we show that this shock explains about 50\% of business cycle …

We propose a novel identification scheme for a non-technology business cycle shock, that we label "sentiment." This is … a shock orthogonal to identified surprise and news TFP shocks that maximizes the short-run forecast error variance of an … shock produces a business cycle in the US, with output, hours, and consumption rising following a positive shock, and …

Does news about future productivity cause business-cycle fluctuations? What other effects might it have? We explore the … prices, consumption, consumer confidence and inflation, robustly predict three outcomes. First, following a news shock, TFP … in lockstep with productivity. For the most part, the quantity and inflation responses are quite consistent with the …

, and productivity shocks on macroeconomic activity during the Great Depression. To construct a parsimonious and common … wedge. We estimate a monetary DSGE model with cartel wedges along with productivity and monetary shocks. Our main finding is …