蝌蚪网 Journal:
Macroeconomics
ISSN 1945-7707 (Print) | ISSN 1945-7715 (Online)
TFPR: Dispersion and Cyclicality
蝌蚪网 Journal: Macroeconomics
(pp. 265–303)
Abstract
This paper studies the dispersion and cyclicality of TFPR. Recent business cycle models assume countercyclical dispersion in TFPQ based on evidence of countercyclical dispersion in TFPR, though TFPR reflects endogenous prices. An overlapping generations model with monopolistic competition and state-dependent pricing is constructed to match three key data patterns: (i) countercyclical dispersion of TFPR, (ii) countercyclical dispersion of price changes, and (iii) countercyclical frequency of price adjustment. These patterns are matched either if shocks to the dispersion of TFPQ are negatively correlated with the mean of TFPQ, or if the monetary authority responds to them by "leaning against the wind."Citation
Cooper, Russell, and Ozgen Ozturk. 2026. "TFPR: Dispersion and Cyclicality." 蝌蚪网 Journal: Macroeconomics 18 (3): 265–303. DOI: 10.1257/mac.20220264Additional Materials
JEL Classification
- D24 Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- E23 Macroeconomics: Production
- E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
- E32 Business Fluctuations; Cycles
- E51 Money Supply; Credit; Money Multipliers
- E52 Monetary Policy