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The productivity slowdown and its policy implications

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  • Palle S. Andersen

Abstract

This paper analyses the recent productivity slowdown, attempting to distinguish permanent from cyclical changes. It then considers the implications for anti-inflationary policies, discussing the short-run effects of more restrictive policies as well as the prospects for reducing inflation in the medium term.

Suggested Citation

  • Palle S. Andersen, 1983. "The productivity slowdown and its policy implications," BIS Working Papers 8, Bank for International Settlements.
    • Handle: RePEc:bis:biswps:8
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    References listed on IDEAS

    as
    1. Clark, Peter K, 1978. "Capital Formation and the Recent Productivity Slowdown," Journal of Finance, American Finance Association, vol. 33(3), pages 965-975, June.
    2. Barry P. Bosworth, 1982. "Capital Formation and Economic Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 13(2), pages 273-326.
    3. Arthur M. Okun, 1973. "Upward Mobility in a High-Pressure Economy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 4(1), pages 207-262.
    4. John A. Tatom, 1979. "The productivity problem," Review, Federal Reserve Bank of St. Louis, vol. 61(Sep), pages 3-16.
    5. Darby, Michael R, 1984. "The U.S. Productivity Slowdown: A Case of Statistical Myopia," American Economic Review, American Economic Association, vol. 74(3), pages 301-322, June.
    6. John A. Tatom, 1981. "Energy prices and short-run economic performance," Review, Federal Reserve Bank of St. Louis, vol. 63(Jan), pages 3-17.
    7. John A. Tatom, 1979. "Energy prices and capital formation: 1972-1977," Review, Federal Reserve Bank of St. Louis, vol. 61(May), pages 2-11.
    8. Martin Neil Baily, 1982. "The Productivity Growth Slowdown by Industry," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 13(2), pages 423-459.
    9. Peter K. Clark, 1979. "Issues in the Analysis of Capital Formation and Productivity Growth," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 10(2), pages 423-446.
    10. Robert H. Rasche & John A. Tatom, 1977. "The effects of the new energy regime on economic capacity, production, and prices," Review, Federal Reserve Bank of St. Louis, vol. 59(May), pages 2-12.
    11. Giersch, Herbert & Wolter, Frank, 1983. "Towards an Explanation of the Productivity Slowdown: An Acceleration-Deceleration Hypothesis," Economic Journal, Royal Economic Society, vol. 93(369), pages 35-55, March.
    12. Robert H. Rasche & John A. Tatom, 1977. "Energy resources and potential GNP," Review, Federal Reserve Bank of St. Louis, vol. 59(Jun), pages 10-24.
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