in aggregate demand, unemployment rate, real wage and labour productivity, which captures key components of the labour … model to identify four structural innovations: aggregate demand, labour supply, wage bargaining, and productivity; (iii …) quantifies the dynamic responses of the labour share to each structural shock; (iv) compares these results across the two periods …

We revisit UK's poor productivity performance since the Great Recession by means of both a suitable theoretical … over time, and distinguish between quantity total factor productivity (TFP-Q), i.e., the capacity to turn inputs into more … physical output (number of shirts, liters of beer), and what we call revenue total factor productivity (TFP-R), i …

We identify the main shock driving fluctuations in long‐horizon productivity expectations, consistent with theories of … TFP news. The identified shock induces strong comovement patterns in output, consumption, investment, employment, and … news shock. The model also matches the empirical patterns of vacancies, labor force participation, hours, and job …

Labor productivity (LP) in the United States has gone from being procyclical to acyclical since the mid-1980s. Using … industry-level data, this paper first shows that total factor productivity (TFP), which is LP net of capital deepening, has … reasons for the change in the cyclicality of productivity. By decomposing TFP into technical change and input utilization, it …

-separable preferences or investment adjustment costs. When the economy is subject to anticipated total factor productivity or investment …

This paper investigates whether procyclical productivity is due to cyclical variations in the rate of utilization of … labor or to technological externalities. By looking at the relation between sectoral productivity and the level of aggregate … industries shows that sectoral productivity is more closely related to the rate of change of aggregate activity than to its level …