German data on TFP and stock prices we find qualitatively similar empirical evidence. Quantitatively, however, an impulse … response analysis suggests that a substantial part of the total TFP response is immediate rather than delayed. We relate this … to disembodied technological change and noisy data on TFP. Nevertheless, we confirm the technology interpretation of …

dynamics as news identified through a broader stock price index, patent applications, the relative price of investment or … shocks to the real interest rate. The common theme among these identifications is a technological change in productivity that …

question in the context of a heterogeneous-firm RBC model with persistent firm-level productivity shocks and lumpy capital …

question in the context of a heterogeneousfirm RBC model with persistent firm-level productivity shocks and lumpy capital …

We explore the implications of shocks to expected future productivity in a setting with limited enforcement of … response to positive news about future productivity, as well as the other properties of an expectation driven business cycle …, that is, an increase in consumption, investment and hours. The positive stock price response is in line with Beaudry and …

values of the standard Solow productivity residual. The equivalence holds if the representative household maximizes utility … while taking prices parametrically. This result justifies TFP as the right summary measure of welfare (even in situations … (industries or firms) to aggregate welfare using readily available TFP data. Based on this finding, we compute firm and industry …

standard set of labour-market related variables (employment, real compensation, productivity and capital stock) and exogenous … negatively affects real compensation, has negligible employment effects and leads to higher labour productivity. These impacts …-specific employment and productivity shocks. Impact elasticities suggest strong intra-sectoral linkages for employment and capital stock …

shocks had gained more importance over time; (b) the driving forces of demand shocks were consumption and fixed investment in … the first cycle of 1985–90, but shifted to fixed investment and world demand in the second cycle of 1991–96 and the post …

: their productivity level and its export status. In line with theories and empirical evidence on the absorptive capacity of …

FDI is an important channel for productivity spillovers across economies. But productivity and employment effects of … difference of total factor productivity amounts to 6 %. Second, multinationals show quite heterogeneous performances after cross … firm. But most importantly, the causal effect of cross-border M&A on the multinationals' productivity is positive and …