Online First The Economic Journal Online 27 Jan 2026Dispersion Over the Business Cycle: Passthrough, Productivity, and DemandMikael Carlsson · Alex Clymo · Knut-Eric JoslinCarlsson, Clymo, and Joslin use Swedish manufacturing firm-level microdata for 1998–2013 to separately identify and characterize the cyclical behavior of physical productivity (TFPQ) shocks and demand …