Title: Understanding the puzzling effects of technology shocks
Description: "Under aggregate technology shocks, both aggregate inputs and sectorial inputs decline initially and then rise permanently.  However, under sector-specific technology shocks, sectorial inputs decline permanently.  In addition, sectorial output is very responsive to aggregate technology shocks but not so to sector-specific technology shocks.  We show that a flexible-price RBC model with firm entry and exit is consistent with these stylized facts"--Federal Reserve Bank of St. Louis web site.