Productivity growth, consumer confidence and the business cycle
通过动态一般均衡模型，研究劳动生产率增长变化对宏观经济指标的影响，以及增长预期变化对商业周期和消费产出比波动的解释力。
The objective of this paper is to provide, in the context of a dynamic general equilibrium model, an answer to the following five questions: To what extent does an economy subject to regular variations in labor productivity growth differ from one where labor productivity is constant? What is the impact on major macro indicators of a one-time change in labor productivity growth? What are the business cycle implications of autonomous (non-falsifiable) changes in growth expectations? What is the potential of such expectation changes for explaining the volatility of consumption to output ratio? Can autonomous changes in growth expectations help us understand recent business cycle episodes?