", as proxied by productivity growth shocks - in line with the Real Business Cycle framework -, and we provide empirical … evidence of a "demand granularity", based on investment growth shocks instead. The role of demand in explaining aggregate …

and generates significant increase in current Total Factor Productivity via capital reallocation. This triggers an … immediate boom in output, consumption, investment and hours worked. Our empirical evidence using firm-level data supports … strongly the above mechanisms for news to affect current aggregate productivity …

of employment, investment, and output are about as persistent as in the data, with an amount of inattention consistent … news about future productivity. By contrast, the baseline RBC model produces neither persistent growth rates nor business …

structural news shock model adapted to reproduce the cointegrating relationship between total factor productivity and the … relative price of investment. With cointegrated neutral and investment-specific technology, anticipated shocks to the common … stochastic trend explain approximately 22%, 32%, 34% and 20% of the variance of output, investment, hours and consumption in the …

while the combination of both investment-specific technology shocks and neutral technology shocks accounts for a large …

We identify an inflationary technology news shock as the leading source of business cycle variations for the postwar U ….S. economy. This shock acts like a demand shock: it induces strong positive comovement in real quantities - GDP, consumption …, investment - and weak positive comovement between real quantities and inflation, contrary to the view that anticipated …

question in the context of a heterogeneousfirm RBC model with persistent firm-level productivity shocks and lumpy capital … effect of time-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment …

of firm-level investment is procyclical. We show that a heterogeneousfirm RBC model with quantitatively realistic … of the steady state investment rate distribution, produces investment dispersion that positively comoves with the cycle … ; cross-sectional firm dynamics ; lumpy investment ; countercyclical risk ; aggregate shocks ; idiosyncratic shocks …