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I study the implications of productivity shocks in a model where agents observe the aggregate level of productivity but not its permanent and transitory components separately. The model's predictions under learning differ substantially from those under full information and are in line with several empirical findings: (i) the response of investment to a permanent shock is sluggish and peaks with delay; (ii) permanent shocks generate positive rather than negative savings on impact; and (iii) saving and investment are highly correlated despite the assumption of capital mobility. Unlike other standard explanations of the Feldstein-Horioka puzzle, learning induces high correlations irrespective of the assumed persistence of shocks.

Saving and investment --- Industrial productivity --- Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Industrial efficiency --- Production (Economic theory) --- Accumulation, Capital --- Capital accumulation --- Capital formation --- Investment and saving --- Saving and thrift --- Capital --- Supply-side economics --- Wealth --- Investments --- Econometric models. --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Production and Operations Management --- Macroeconomics: Production --- Current Account Adjustment --- Short-term Capital Movements --- Macroeconomics: Consumption --- Saving --- Aggregate Factor Income Distribution --- Interest Rates: Determination, Term Structure, and Effects --- International economics --- Finance --- Productivity --- Current account --- Consumption --- Income --- Real interest rates --- Balance of payments --- Economics --- Interest rates --- United States

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Money market. Capital market --- Economic growth --- anno 1900-1999 --- Belgium --- 923 Economische geschiedenis --- 339.30 --- 332.109493 --- Bestemming van de goederen en van de inkomens: algemeenheden. --- Social sciences Banks and banking Belgium --- 330.14 --- Academic collection --- #A0406A --- #SBIB:949.3H2 --- BE / Belgium - België - Belgique --- 339.310 --- 339.311.0 --- 330.14 Kapitaal. Kapitaalbegrip. Kapitaaltheorie. Kapitaalwinst. Meerwaarde. Kapitaalallocatie. Kapitaalaccumulatie. Kapitaalconcentratie. Kapitaalvorming --- Kapitaal. Kapitaalbegrip. Kapitaaltheorie. Kapitaalwinst. Meerwaarde. Kapitaalallocatie. Kapitaalaccumulatie. Kapitaalconcentratie. Kapitaalvorming --- Economische en sociale geschiedenis van België --- Inkomens, besparingen en investeringen. --- Sparen: algemeenheden. --- Saving and investment --- Accumulation, Capital --- Capital accumulation --- Capital formation --- Investment and saving --- Saving and thrift --- Capital --- Supply-side economics --- Wealth --- Investments --- Bestemming van de goederen en van de inkomens: algemeenheden --- Inkomens, besparingen en investeringen --- Sparen: algemeenheden --- Belgique --- Economic conditions --- History --- Conditions économiques --- Histoire --- Saving and investment - Belgium --- BELGIQUE --- CONDITIONS ECONOMIQUES --- 20E SIECLE