Growth accounting, potential output, and the current recession
Total factor productivity - a measure of the efficiency with which labor and capital are used - has fallen during the current recession. But, after adjustment for lower utilization of labor and capital, such productivity has risen strongly over the past two years. These growth-accounting measures suggest that efficiency gains have continued during the recession, boding well for long-term economic growth.
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Article provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter
Volume (Year): (2009)Handle:
Issue (Month): aug17 ()
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Related researchKeywords: Productivity
; Labor productivity
; Capital investments
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