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The Keynesian Growth Approach to Macroeconomic Policy and Productivity

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Abstract

Productivity is one of the key determinants of potential output?that is, the trend level of production consistent with stable inflation. A productivity growth slowdown has occurred in several advanced economies in the aftermath of the global financial crisis, raising concerns about long-term growth. In response, a variety of supply-side policy options have been proposed, such as reforms to increase labor and product market flexibility. In this blog post, we consider the role of demand-side policies in raising trend productivity growth.

Suggested Citation

  • Gianluca Benigno & Luca Fornaro, 2019. "The Keynesian Growth Approach to Macroeconomic Policy and Productivity," Liberty Street Economics 20190401, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:87322
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    Keywords

    monetary policy Keynesian;

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment

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