In this paper, we first introduce investment-specific technology (IST) shocks to an otherwise standard international … the relative price of investment to build and estimate these IST processes across the U.S and a ""rest of the world …

particular focus on the role played by financial frictions and investment dynamics. The paper provides two main contributions …. First, we empirically document that lower investment during financial crises is the key factor leading to permanent loss of … output and total factor productivity (TFP) in the wake of a crisis. Second, we develop a DSGE model with financial frictions …

This paper provides empirical evidence on the response of labor productivity to the arrival of new inventions. The … analysis shows that labor productivity may temporarily fall below trend after technological progress. However, the effects on … productivity differ between the pre- and post-World War II periods. The pre-war period shows evidence of a productivity slowdown as …

neutral technology shock compare in a marginal likelihood race. To that end we construct and estimate several competing small … different hypotheses that generate the empirically observed decline in worked hours after a positive technology shock. These … costly adjustment of investment; (iv) persistence in the permanent technology shocks; (v) labor market friction with …

neutral technology shock compare in a marginal likelihood race. To that end we construct and estimate several competing small … different hypotheses that generate the empirically observed decline in worked hours after a positive technology shock. These …