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Sectoral Productivity in the United States: Recent Developments and the Role of IT

Author

Listed:
  • Corrado Carol

    (Federal Reserve Board,Washington, United States of America)

  • Lengermann Paul

    (Federal Reserve Board,Washington, United States of America)

  • Beaulieu J. Joseph

    (Brevan Howard Inc.,Washington, United States of America)

  • Bartelsman Eric J.

    (Vrije Universiteit, Amsterdam, Tinbergen Institute and IZA,Amsterdam, Netherlands)

Abstract

This paper introduces new estimates of recent productivity developments in the United States, using an appropriate theoretical framework for aggregating industry multi-factor productivity (MFP) to sectors and the total economy. Our work sheds light on the sources of the continued strong performance of US productivity since 2000.We find that the major sectoral players in the late 1990s pickup were not contributors to the more recent surge in productivity. Rather, striking gains in MFP in the finance and business service sector, a resurgence in MFP growth in the industrial sector, and an end to drops elsewhere more than account for the aggregate acceleration in productivity in recent years. Further, some evidence is found for a link between IT intensity and the recent productivity acceleration.

Suggested Citation

  • Corrado Carol & Lengermann Paul & Beaulieu J. Joseph & Bartelsman Eric J., 2007. "Sectoral Productivity in the United States: Recent Developments and the Role of IT," German Economic Review, De Gruyter, vol. 8(2), pages 188-210, May.
    • Handle: RePEc:bpj:germec:v:8:y:2007:i:2:p:188-210
    DOI: 10.1111/j.1468-0475.2007.00404.x
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