Deficits" discussion of the 1980s. In contrast, during the 1990s productivity growth has been identified as the primary cause … importance of budget deficits and productivity shocks for the determination of the current account. Using a sample of 21 OECD … current account, while country-specific productivity shocks appear to play a key role. …

) preference shocks (“savings glut” hypothesis), and (iii) investment shocks (“investment drought” hypothesis). In order to … imbalances and financial market prices. We find that savings shocks and investment shocks explain less of the variation. Hence, a …

We estimate the relationship between investment and unemployment over the time period 1960-2015 in 20 OECD countries …. While neoclassical growth theory typically assumes full employment – with no effect of investment on unemployment – we find …: when investment fell, unemployment increased. When the time period is broken down into two sub-periods to take account of …

in the U.S. private sector affect economic performance - productivity, profitability, investment, and growth. Freeman and … investment and, subsequently, lower employment and productivity growth. There is little evidence that unionization leads to … Medoff are clearly correct that union productivity effects vary substantially across workplaces. Their conclusion that union …

role of rising rates of investment. Because labor reallocation across sectors, TFP growth at the sector level and … investment are all inter-related, simple growth decompositions that are often used in the literature are not appropriate for … continues to absorb more than half of all fixed investment. If capital had been allocated efficiently, China could have achieved …