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News Shocks and the Slope of the Term Structure of Interest Rates: Comment

American Economic Review 2017 107(10), 3243-3249
Kurmann and Otrok (2013) establish that the effects on economic activity from news on future productivity growth are similar to the effects from unexpected changes in the slope of the yield curve. This comment shows that these results become substantially weaker in the light of a recent update in the utilization-adjusted total factor productivity series produced by Fernald (2014).