I estimate a decomposition of productivity and hours into technology and non-technology
components. Two results stand out:(a) the estimated conditional correlations of hours and …

There is a widespread belief that changes in expectations may be an important independent
driver of economic fluctuations. The news view of business cycles offers a formalization of …

This paper explores a theory of business cycles in which recessions and booms arise due to
difficulties encountered by agents in properly forecasting the economy's future needs in …

The method of moments is based on a relation E θ 0 (h (X t, θ))= 0, from which an estimator
of θ is deduced. In many econometric models, the moment restrictions can not be evaluated …

We uncover technological standardization as a microeconomic mechanism which is vital for
the implementation of new technologies, in particular general purpose technologies. The …

In this paper we analyze the empirical performance for the Spanish economy of a standard
real business cycle model. To this purpose, we define a set of measurements consistent with …

This paper uses aggregate Japanese data and sectoral US data to explore the properties of
the joint behavior of stock prices and total factor productivity (TFP) with the aim of …

Recent empirical work has suggested that in response to a positive technology shock
employment shows a persistent decline. We show that the standard, open economy, flexible …

I show that a standard RBC-model can be used to explain why hours per capita decrease in
response to a permanent technology shock when hours enter a vector autoregressive (VAR) …

Recent empirical evidence establishes that a positive technology shock leads to a decline in
labor inputs. Standard RBC models fails to replicate this stylized fact, while recent papers …