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

This paper develops a general theory of aggregation in inefficient economies. We provide non-parametric formulas for …

preference or more generally a demand shock. More recently two other explanations have been advocated: surprise changes in …

-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 …

Productivity rises in booms and falls in recessions. There are four main explanations for this procyclical productivity … procyclical productivity as an essential feature of business cycles because each explanation has important implications for … utilization and resource reallocations are particularly important in explaining procyclical productivity. We also argue that the …

productivity growth, and the exit rate leads all three of these. A vintage capital model in which all technological progress is … operational, both output and productivity increase …

I estimate a model in which new technology entails random adjustment costs. Rapid adjustments may cause productivity …

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 …

This paper examines how employer- and worker-specific productivity shocks transmit to earnings and employment in an … earnings growth variance can be attributed to job mobility, which interacts with productivity shocks. We evaluate the effects …