This book presents several pieces of empirical work which
disentangle why the standard measure of productivity growth used in
macroeconomics turn out to be procyclical for American
manufacturing industries. Procyclical productivity is an essential
feature of business cycles because of its important implications
for macroeconomic modelling. The author explains why traditional
Keynesian theories of the business cycle do not explain
satisfactorily why productivity is procyclical, and argues that the
force of technology for generating economic cycles is much more
important than that of the management or mismanagement of monetary
or fiscal policies. This book is aimed at those working in
empirical macroeconomics but also industrial economics.
General
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