Yeah, they're called code snippets.
Interestingly, I happen to use this snippet quite often, so here is the code:
<?xml version="1.0" encoding="utf-8"?>
<CodeSnippets
xmlns="http://schemas.microsoft.com/VisualStudio/2005/CodeSnippet">
<CodeSnippet Format="1.0.0">
<Header>
<Title>notifyproperty</Title>
<Shortcut>propnotif</Shortcut>
<SnippetTypes>
<SnippetType>Expansion</SnippetType>
</SnippetTypes>
</Header>
<Snippet>
<Declarations>
<Literal>
<ID>field</ID>
<ToolTip>Field name.</ToolTip>
<Default>_myField</Default>
</Literal>
<Literal>
<ID>type</ID>
<ToolTip>Type name.</ToolTip>
<Default>string</Default>
</Literal>
<Literal>
<ID>property</ID>
<ToolTip>Property name.</ToolTip>
<Default>MyProperty</Default>
</Literal>
</Declarations>
<Code Language="csharp">
<![CDATA[private $type$ $field$;
public $type$ $property$
{
get { return $field$; }
set
{
$field$ = value; NotifyPropertyChanged("$property$");
}
}]]>
</Code>
</Snippet>
</CodeSnippet>
</CodeSnippets>