This finding turned out to be highly robust. Greenwood, Hercowitz, and
Huffman (1988) find that if, on average, TFP shocks are non-neutral with
regard to consumption and investment, the conclusions hold. Rotemberg
and Woodford (1995) introduce imperfect competition and show that the
finding is overthrown only if monopoly rents are far in excess of what they
could be. With imperfect competition restricted to be consistent with labor
cost share, Hornstein (1993) and Devereux, Head, and Lapham (1996) show
that the importance of TFP shocks for business cycle fluctuations hardly
changes. With the introduction of monopolistic competition, model-TFP
shock variance is picked so that the model Solow-TFP variance matches the
actual economy’s Solow-TFP variance. In these monopolistic competitive
worlds, Solow-TFP is a complex statistic and is not total factor productivity.
This finding turned out to be highly robust. Greenwood, Hercowitz, andHuffman (1988) find that if, on average, TFP shocks are non-neutral withregard to consumption and investment, the conclusions hold. Rotembergand Woodford (1995) introduce imperfect competition and show that thefinding is overthrown only if monopoly rents are far in excess of what theycould be. With imperfect competition restricted to be consistent with laborcost share, Hornstein (1993) and Devereux, Head, and Lapham (1996) showthat the importance of TFP shocks for business cycle fluctuations hardlychanges. With the introduction of monopolistic competition, model-TFPshock variance is picked so that the model Solow-TFP variance matches theactual economy’s Solow-TFP variance. In these monopolistic competitiveworlds, Solow-TFP is a complex statistic and is not total factor productivity.
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