Technology, growth and the business cycle
通过构建一个允许要素囤积的局部均衡模型，为十个OECD国家计算投入利用率序列，并用于全要素生产率的增长核算，发现调整后的索洛残差增长更快、波动更小、顺周期性更弱，且供给冲击在欧洲国家间并不比其它地区更对称。
Using a partial equilibrium model that allows for factor hoarding, I construct series on input utilization rates for ten OECD countries. These series are used in growth accounting computations of total factor productivity which …lter out cyclical variations in input utilization rates. The main …ndings are as follows: (i) adjusted Solow residuals grow consistently faster than standard measures, (ii) the variability of the adjusted Solow residual is in some cases smaller than the standard residual’s, (iii) adjusted Solow residuals are less procyclical than standard residuals, and fare better at usual exogeneity tests, (iv) supply shocks are no more symmetric between European countries than elsewhere, (v) observed increased output symmetry in Europe is due to demand factors.