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Persistent link: https://www.econbiz.de/10001534679
Investment-specific technology (IST) shocks are often interpreted as multi-factor productivity (MFP) shocks in a separate investment-producing sector. However, this interpretation is strictly valid only when some stringent conditions are satisfied. Some of these conditions are at odds with the...
Persistent link: https://www.econbiz.de/10014193086
In the second half of the 1990s, labor productivity growth rose in the United States and declined in most parts of Europe. This paper documents changes in capital deepening and multi-factor productivity (MFP) growth in information and communication technology (ICT) and non-ICT sectors. We...
Persistent link: https://www.econbiz.de/10012948772
Persistent link: https://www.econbiz.de/10010423936
Persistent link: https://www.econbiz.de/10009550962
Consumption and investment comove over the business cycle in response to shocks that permanently move the price of investment. The interpretation of these shocks has relied on standard one-sector models or on models with two or more sectors that can be aggregated. However, the same...
Persistent link: https://www.econbiz.de/10011499681
Consumption and investment comove over the business cycle in response to shocks that permanently move the price of investment. The interpretation of these shocks has relied on standard one-sector models or on models with two or more sectors that can be aggregated. However, the same...
Persistent link: https://www.econbiz.de/10013210367