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Retrospective on the 1970s Productivity Slowdown

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  • William Nordhaus

Abstract

The present study analyzes the "productivity slowdown" of the 1970s. The study also develops a new data set -- industrial data available back to 1948 -- as well as a new set of tools for decomposing changes in productivity growth. The major result of this study is that the productivity slowdown of the 1970s has survived three decades of scrutiny, conceptual refinements, and data revisions. The slowdown was primarily centered in those sectors that were most energy-intensive, were hardest hit by the energy shocks of the 1970s, and therefore had large output declines. In a sense, the energy shocks were the earthquake, and the industries with the largest slowdown were near the epicenter of the tectonic shifts in the economy.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10950.

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Date of creation: Dec 2004
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Handle: RePEc:nbr:nberwo:10950

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Cited by:
  1. John W. Dawson & John J. Seater, 2010. "Federal Regulation and Aggregate Economic Growth," DEGIT Conference Papers, DEGIT, Dynamics, Economic Growth, and International Trade c015_050, DEGIT, Dynamics, Economic Growth, and International Trade.
  2. Malley, Jim University of Glasgow & Woitek, Ulrich, 2009. "Technology shocks and aggregate fluctuations in an estimated hybrid RBC model," SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) 2009-18, Scottish Institute for Research in Economics (SIRE).
  3. Aamer Abu-Qarn & Suleiman Abu-Bader, 2007. "Getting Income Shares Right: A Panel Data Investigation for OECD Countries," Working Papers, Ben-Gurion University of the Negev, Department of Economics 0701, Ben-Gurion University of the Negev, Department of Economics.
  4. repec:hal:wpaper:halshs-00586632 is not listed on IDEAS
  5. Ian Keay, 2008. "Resource Intensive Production and Aggregate Economic Performance," Working Papers, Queen's University, Department of Economics 1176, Queen's University, Department of Economics.
  6. John Dawson & John Seater, 2013. "Federal regulation and aggregate economic growth," Journal of Economic Growth, Springer, Springer, vol. 18(2), pages 137-177, June.
  7. Malley, Jim & Woitek, Ulrich, 2010. "Technology shocks and aggregate fluctuations in an estimated hybrid RBC model," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 34(7), pages 1214-1232, July.
  8. Christophe Cahn & Arthur Saint-Guilhem, 2010. "Potential output growth in several industrialised countries a comparison," Empirical Economics, Springer, Springer, vol. 39(1), pages 139-165, August.

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