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Artificial Intelligence, Firm Growth, and Product Innovation. (2022). Babina, Tania ; He, Alex X ; Hodson, James ; Fedyk, Anastassia.
In: NBER Chapters.
RePEc:nbr:nberch:14773.

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  2. The stages of enterprise digital transformation and its impact on internal control: Evidence from China. (2024). Zhao, Tianjiao ; Li, Cheng ; Cheng, Weixuan.
    In: International Review of Financial Analysis.
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    In: Perspectives of Law and Public Administration.
    RePEc:sja:journl:v:12:y:2023:i:2:p:249-255.

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  4. Trading on Talent: Human Capital and Firm Performance*. (2023). Hodson, James ; Fedyk, Anastassia.
    In: Review of Finance.
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  5. Digital transformation along the supply chain. (2023). Zhang, Jinkang ; Ke, Yun ; Guo, Chenhao.
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    In: Journal of Economic Behavior & Organization.
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  7. Does digital transformation increase the labor income share? From a perspective of resources reallocation. (2023). Lin, Yuting ; Yao, Shujie ; Wang, Shudan ; Chen, Chuanglian.
    In: Economic Modelling.
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  8. Digitalization: Productivity. (2023). Taskin, Temel ; Mollins, Jeffrey.
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  9. Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Models. (2023). Tang, Yuehua ; Lopez-Lira, Alejandro.
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  43. Columns 2 and 4 also include the baseline controls all measured as of 2010: firm-level characteristics (log sales, cash/assets, R&D/sales, log markup, and log number of resumes), log industry wage, and characteristics of the commuting zones where the firms are located (the share of workers in IT-related occupations, the share of college-educated workers, log average wage, the share of foreign-born workers, the share of routine workers, the share of workers in finance and manufacturing industries, and the share of female workers). Standard errors are clustered at the 5-digit NAICS industry level and reported in parentheses. *, **, and *** denote statistical significance at the 10%, 5%, and 1% levels, respectively.
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  44. Columns 2, 3 , 5, 6, 8, and 9 also control for the baseline controls all measured as of 2010: firm-level characteristics (log sales, cash/assets, R&D/sales, log markup, and log number of resumes), log industry wage, and characteristics of the commuting zones where the firms are located (the share of workers in IT-related occupations, the share of college-educated workers, log average wage, the share of foreign-born workers, the share of routine workers, the share of workers in finance and manufacturing industries, and the share of female workers). Columns 3, 6, and 9 additionally control for state fixed effects. Standard errors are clustered at the 5-digit NAICS industry level and reported in parentheses. *, **, and *** denote statistical significance at the 10%, 5%, and 1% levels, respectively.
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  45. Columns 2, 4, and 6 also include the baseline controls all measured as of 2010: firm-level characteristics (log sales, cash/assets, R&D/sales, log markup, and log number of resumes), log industry wage, and characteristics of the commuting zones where the firms are located (the share of workers in IT-related occupations, the share of college-educated workers, log average wage, the share of foreign-born workers, the share of routine workers, the share of workers in finance and manufacturing industries, and the share of female workers). Standard errors are clustered at the 5-digit NAICS industry level and reported in parentheses. *, **, and *** denote statistical significance at the 10%, 5%, and 1% levels, respectively.
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  46. Columns 2, 4, and 6 also include the baseline controls all measured as of 2010: firm-level characteristics (log sales, cash/assets, R&D/sales, log markup, log number of job postings), log industry wage, as well as characteristics of the commuting zones where the firms are located (the share of workers in IT-related occupations, the share of college-educated workers, log average wage, the share of foreign-born workers, the share of routine workers, the share of workers in finance and manufacturing industries, and the share of female workers). Standard errors are clustered at the 5–digit NAICS industry level and reported in parentheses. *, **, and *** denote statistical significance at the 10%, 5%, and 1% levels, respectively.
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  78. In Appendix Table 11, we further show that firms that are more exposed to AI-strong universities are not growing faster before 2010, which supports the exclusion restriction that the exposure to AI-strong universities only affects firm growth through firms’ AI investments after 2010.
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  79. Instrument Validation. We first validate several core assumptions underlying the intuition behind our instrument. Confirming our key argument, we show that the increase in AI-trained graduates during the 2010s was much more pronounced in AI-strong universities than in nonAI -strong universities. Figure 5 plots the share of fresh graduates that are AI-trained from AIstrong and non-AI-strong universities from 2006 to 2018. In 2006, there were few AI graduates across the board, with the share of AI graduates below 0.3% for both AI-strong and non-AI-strong universities. Even in 2012, the share of AI graduates remained below 0.5% in both groups of universities. From 2012 to 2018, however, the share of AI graduates tripled (to about 1.5%) in AI-strong universities, while the share of AI graduates remained under 0.5% in non-AI-strong universities.
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  89. Manufacturing Wholesale & Retail Finance Other ∆ Log ∆ Log ∆ Log ∆ Log ∆ Log ∆ Log ∆ Log ∆ Log Sales Employment Sales Employment Sales Employment Sales Employment (1) (2) (3) (4) (5) (6) (7) (8) ∆ Share AI Workers 0.135** 0.125* 0.321*** 0.357*** 0.239** 0.264** 0.177*** 0.125* (0.057) (0.072) (0.061) (0.061) (0.107) (0.103) (0.061) (0.067) Industry FE Y Y Y Y Y Y Y Y Controls Y Y Y Y Y Y Y Y Adj R-Squared 0.321 0.281 0.817 0.857 0.473 0.478 0.473 0.363 Observations 516 516 109 109 149 149 278 278 82 Electronic copy available at: https://ssrn.com/abstract=3651052 Table A7. AI Investments and Firm Growth in Tech Sectors Using the Resume-based AI Measure This table reports the coefficients from long-differences regressions of firm growth from 2010 to 2018 on the contemporaneous changes in AI investments among U.S. public firms in tech sectors.
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  95. Regressions in columns 2 and 4 also include industry-level controls for log total employment, log total sales, and log average wage in 2010. Standard errors are robust against heteroskedasticity and reported in parentheses. *, **, and *** denote statistical significance at the 10%, 5%, and 1% levels, respectively.
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  104. The group includes a healthcare arm (UnitedHealthcare) established in 1977 and a new technology arm founded in 2011 (Optum). While the UnitedHealthcare arm makes use of AI techniques to optimize operations ranging from cost projections to fraud detection in medical claims, the launch of Optum highlights the way in which firms such as UNH can leverage AI technologies to expand operations by creating new products and entering new market segments. UNH is one of very few companies with access to detailed patient, patient-physician, and drug-patient interaction data for large portions of the U.S. and many additional global locations, making it perfectly placed to harness AI in its operations.
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  105. Timeline of AI investments at JPM. As highlighted by Figure A2, investments in AI at JPM began at the turn of the century, with a steady increase through the first decade turning into an exponential growth in the second decade. The explosion in AI investments at JPM during the 2010s is marked by the acquisition of the multimedia recommendations patent in 2011; an underscoring of the risks associated with data security following a data leak in 2016; and finally the establishment of a dedicated AI research initiative (Machine Learning Center for Excellence) spearheaded by Dr.
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  106. Timeline of AI investments at Qualcomm. As can be seen from the timeline in Figure A4, the presence of AI employees at Qualcomm began earlier than in the other firms, and by 2007 the firm initiated dedicated AI research projects in its research arm. The ramp up continued through 2013, marked by collaborations with outside partners such as Brain Corp and internal projects on problems such as face detection. After 2013, Qualcomm saw notable consequences of the earlier investments, including the first release of SNPE and the formation of an organizationally separate AI research group, but the share of Qualcomm’s overall workforce that is skilled in AI remained approximately flat from 2013 to 2018.
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  107. Timeline of AI investments at UNH. The use of AI technologies at UNH traces further back than at most firms. As early as the 1990s, UNH piloted AdjudiPro, an AI-powered platform for processing claims from physicians. However, the presence of AI-skilled labor at UNH remained low throughout the 1990s and 2000s, noticeably picking up in 2011 with the launch of the Optum platform. Thereafter, UNH’s investment in AI human capital rose steadily throughout the 2010s.
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  108. We compare the coverage of our university graduates data with official statistics from universities and show that our resume data cover a sizable proportion of university graduates in the U.S. In particular, we aggregate the data to university-year level by calculating the total number of fresh graduates from each university in each year. We compare these numbers with the total numbers of all degrees (bachelors, masters, and PhDs) conferred by each university in each year, using the Integrated Postsecondary Education Data System (IPEDS) data, which contain the total enrollment and the number of degrees conferred each year for all post-secondary institutions in the U.S. As of 2012 (the latest year of the IPEDS data), our resume data cover, on average, 59% of all fresh graduates at each university. The number of fresh graduates in the resume data is also highly correlated with graduates in the cross-section of universities (correlation=0.73).
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Cocites

Documents in RePEc which have cited the same bibliography

  1. How the Baby Boomers Retirement Wave Distorts Model-Based Output Gap Estimates. (2017). Wolters, Maik.
    In: Jena Economic Research Papers.
    RePEc:jrp:jrpwrp:2017-008.

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  2. Knowledge Spillovers, ICT and Productivity Growth. (2014). Jona-Lasinio, Cecilia ; Haskel, Jonathan ; Corrado, Carol.
    In: CEPR Discussion Papers.
    RePEc:cpr:ceprdp:10057.

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  3. Sector Specific News Shocks in Aggregate and Sectoral Fluctuations. (2013). Tsoukalas, John ; Gortz, Christoph ; JohnD. Tsoukalas, .
    In: CESifo Working Paper Series.
    RePEc:ces:ceswps:_4269.

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  4. A Theory of Firm Characteristics and Stock Returns: The Role of Investment-Specific Shocks. (2012). Papanikolaou, Dimitris ; Kogan, Leonid.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:17975.

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  5. Asimetrías del empleo y el producto, una aproximación de equilibrio general. (2011). Rodríguez N., Norberto ; Rodriguez, Diego ; Ocampo, Sergio ; Gonzalez, Andres.
    In: BORRADORES DE ECONOMIA.
    RePEc:col:000094:008890.

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  6. Using the Survey of Plant Capacity to Measure Capital Utilization. (2011). Shapiro, Matthew ; Gorodnichenko, Yuriy.
    In: Working Papers.
    RePEc:cen:wpaper:11-19.

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  7. Asimetrías del empleo y el producto, una aproximación de equilibrio general. (2011). Rodríguez N., Norberto ; Rodriguez, Diego ; Ocampo, Sergio ; Gonzalez, Andres.
    In: Borradores de Economia.
    RePEc:bdr:borrec:663.

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  8. Performance pay and shifts in macroeconomic correlations. (2011). Riggi, Marianna ; Nucci, Francesco.
    In: Temi di discussione (Economic working papers).
    RePEc:bdi:wptemi:td_800_11.

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  9. Do monetary and technology shocks move euro area stock prices?. (2010). Berg, Tim.
    In: MPRA Paper.
    RePEc:pra:mprapa:23973.

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  10. Catching Up to the Technology Frontier: The Dichotomy between Innovation and Imitation. (2010). Madsen, Jakob ; Islam, Md. ; Ang, James.
    In: MPRA Paper.
    RePEc:pra:mprapa:21701.

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  11. The Great Increase in Relative Volatility of Real Wages in the United States. (2010). Kurmann, André ; Champagne, Julien.
    In: Cahiers de recherche.
    RePEc:lvl:lacicr:1010.

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  12. News Shocks and the Slope of the Term Structure of Interest Rates. (2010). Otrok, Christopher ; Kurmann, André.
    In: Cahiers de recherche.
    RePEc:lvl:lacicr:1005.

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  13. The effects of technology shocks on hours and output: a robustness analysis. (2010). Michelacci, Claudio ; Lopez-Salido, David ; Canova, Fabio.
    In: Journal of Applied Econometrics.
    RePEc:jae:japmet:v:25:y:2010:i:5:p:755-773.

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  14. Performance, diversity, and multiplicity of foreign cross-listing portfolios. (2010). Robertson, Christopher J. ; Banalieva, Elitsa R..
    In: International Business Review.
    RePEc:eee:iburev:v:19:y:2010:i:6:p:531-547.

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  15. Factor Demand Linkages, Technology Shocks and the Business Cycle. (2009). Petrella, Ivan ; Holly, Sean.
    In: MPRA Paper.
    RePEc:pra:mprapa:18120.

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  16. News Shocks. (2009). Sims, Eric ; barsky, robert.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:15312.

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  17. The Granular Origins of Aggregate Fluctuations. (2009). Gabaix, Xavier.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:15286.

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  18. Information, Animal Spirits, and the Meaning of Innovations in Consumer Confidence. (2009). Sims, Eric ; barsky, robert.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:15049.

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  19. The Great Inflation Drift. (2009). King, Robert ; Goodfriend, Marvin.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:14862.

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  20. Sensitivity of Impulse Responses to Small Low Frequency Co-Movements : Reconciling the Evidence on the Effects of Technology Shocks. (2009). Pesavento, Elena ; Maynard, Alex ; Gospodinov, Nikolay.
    In: Cahiers de recherche.
    RePEc:mtl:montec:03-2009.

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  21. What do we know and not know about potential output?. (2009). Fernald, John ; Basu, Susanto.
    In: Working Paper Series.
    RePEc:fip:fedfwp:2009-05.

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  22. Rigid labour compensation and flexible employment? Firm-level evidence with regard to productivity for Belgium. (2009). Wintr, Ladislav ; Fuss, Catherine.
    In: Working Paper Series.
    RePEc:ecb:ecbwps:20091021.

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  23. Do Nominal Rigidities Matter for the Transmission of Technology Shocks?. (2008). Liu, Zheng ; Phaneuf, Louis.
    In: Cahiers de recherche.
    RePEc:lvl:lacicr:0837.

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  24. Production Stages and the Transmission of Technological Progress. (2008). Rebei, Nooman ; Phaneuf, Louis.
    In: Cahiers de recherche.
    RePEc:lvl:lacicr:0802.

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  25. Do nominal rigidities matter for the transmission of technology shocks?. (2008). Liu, Zheng ; Phaneuf, Louis.
    In: Working Paper Series.
    RePEc:fip:fedfwp:2008-30.

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  26. Learning, adaptive expectations, and technology shocks. (2008). Zha, Tao ; Liu, Zheng ; Huang, Kevin ; KevinX. D. Huang, ; Kevin x. d. Huang, ; Kevin X. D. Huang, .
    In: Working Paper Series.
    RePEc:fip:fedfwp:2008-18.

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  27. Learning, adaptive expectations, and technology shocks. (2008). Zha, Tao ; Liu, Zheng ; Huang, Kevin ; KevinX. D. Huang, ; Kevin x. d. Huang, ; Kevin X. D. Huang, .
    In: FRB Atlanta Working Paper.
    RePEc:fip:fedawp:2008-20.

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  28. Technology shocks, employment, and labor market frictions. (2008). Zanetti, Francesco ; Mandelman, Federico.
    In: FRB Atlanta Working Paper.
    RePEc:fip:fedawp:2008-10.

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  29. Demand Fluctuations and Productivity of Service Industries. (2008). MORIKAWA, MASAYUKI ; Masayuki, Morikawa .
    In: Discussion papers.
    RePEc:eti:dpaper:08030.

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  30. Economies of Density and Productivity in Service Industries: An Analysis of Personal-Service Industries Based on Establishment-Level Data. (2008). MORIKAWA, MASAYUKI ; Masayuki, Morikawa .
    In: Discussion papers.
    RePEc:eti:dpaper:08023.

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  31. The Calm Before the Storm? - Anticipating the Arrival of General Purpose Technologies. (2008). Schiess, Daniel ; Wehrli, Roger .
    In: CER-ETH Economics working paper series.
    RePEc:eth:wpswif:08-81.

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  32. Divergence in Labor Market Institutions and International Business Cycles. (2008). Sopraseuth, Thepthida ; Fonseca, Raquel ; Patureau, Lise.
    In: THEMA Working Papers.
    RePEc:ema:worpap:2008-14.

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  33. Hours and effort variation in sunspot-based business cycle theory. (2008). .
    In: Economics Bulletin.
    RePEc:ebl:ecbull:v:5:y:2008:i:12:p:1-12.

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  34. The International Diversification Puzzle is Not as Bad as You Think. (2008). Perri, Fabrizio ; Heathcote, Jonathan.
    In: CEPR Discussion Papers.
    RePEc:cpr:ceprdp:6982.

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  35. The Effects of Technology Shocks on Hours and Output: A Robustness Analysis. (2008). Michelacci, Claudio ; Lopez-Salido, David ; Canova, Fabio.
    In: CEPR Discussion Papers.
    RePEc:cpr:ceprdp:6720.

    Full description at Econpapers || Download paper

  36. Estimating general equilibrium models: an application with labour market frictions. (2008). Mandelman, Federico S. ; Zanetti, Francesco.
    In: Technical Books.
    RePEc:ccb:tbooks:1.

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  37. Endogenous Entry, Product Variety, and Business Cycles. (2007). Melitz, Marc ; Ghironi, Fabio ; bilbiie, florin.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:13646.

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  38. The International Diversification Puzzle Is Not As Bad As You Think. (2007). Perri, Fabrizio ; Heathcote, Jonathan.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:13483.

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  39. The International Diversification Puzzle Is Not as Bad as You Think. (2007). Perri, Fabrizio ; Heathcote, Jonathan.
    In: Working Papers.
    RePEc:min:wpaper:2007-3.

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  40. The international diversification puzzle is not as bad as you think. (2007). Perri, Fabrizio ; Heathcote, Jonathan.
    In: Staff Report.
    RePEc:fip:fedmsr:398.

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  41. Explaining a productive decade. (2007). Stiroh, Kevin ; Sichel, Daniel ; Oliner, Stephen.
    In: Finance and Economics Discussion Series.
    RePEc:fip:fedgfe:2007-63.

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  42. Productivity and the dollar. (2007). Leduc, Sylvain ; Dedola, Luca ; Corsetti, Giancarlo.
    In: Working Paper Series.
    RePEc:fip:fedfwp:2007-27.

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  43. The Adjusted Solow Residual and Asset Returns. (2007). Lee, Mark.
    In: Eastern Economic Journal.
    RePEc:eej:eeconj:v:33:y:2007:i:2:p:231-255.

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  44. Rule-of-thumb consumers, productivity and hours. (2007). Seneca, Martin ; Furlanetto, Francesco.
    In: Working Paper.
    RePEc:bno:worpap:2007_05.

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  45. Aggregate Shocks or Aggregate Information? Costly Information and Business Cycle Comovement. (2006). Wolfers, Justin ; Veldkamp, Laura.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:12557.

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  46. Aggregate Shocks or Aggregate Information? Costly Information and Business Cycle Comovement. (2006). Wolfers, Justin ; Veldkamp, Laura.
    In: IZA Discussion Papers.
    RePEc:iza:izadps:dp2339.

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  47. Aggregate shocks or aggregate information? costly information and business cycle comovement. (2006). Wolfers, Justin ; Veldkamp, Laura.
    In: Working Paper Series.
    RePEc:fip:fedfwp:2006-26.

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  48. A Flexible Finite-Horizon Identification of Technology Shocks. (2005). Owyang, Michael ; Roush, Jennifer E. ; Francis, Neville.
    In: International Finance Discussion Papers.
    RePEc:fip:fedgif:832.

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  49. Productivity, employment, and inventories. (2004). Sarte, Pierre Daniel ; Hornstein, Andreas ; Chang, Yongsung.
    In: Working Paper.
    RePEc:fip:fedrwp:04-09.

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  50. Vertical Production and Macroeconomic Persistence: The Case of an Emerging Market Economy. (). Farid, Mai .
    In: Discussion Papers.
    RePEc:yor:yorken:09/11.

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