Understanding productivity trends
Market sector productivity — the output produced per hour worked — grew at an annual rate of 3.2 per cent during the five years to 1998-99, which was the fastest rate on record. In the five years to 2003-04, productivity growth eased to 2.2 per cent per year, which is around the average rate over the past four decades. On balance, business cycle fluctuations, international developments, investment in physical and human capital (including information and communication technology), and the movement of labour across industries did not cause this easing in productivity growth. Rather, these trends are apparent within a number of industries: mining, construction, utilities, wholesale trade, communications and finance and insurance. A closer inspection of these industries suggests that, with the exception of mining, the recent trends at least partly reflect an easing of growth rates towards their historical averages after the unusual productivity surge of the late 1990s.
Volume (Year): (2006)
Issue (Month): 1 (March)
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- Jyoti Rahman, 2005. "Comparing Australian and United States productivity," Economic Roundup, The Treasury, Australian Government, issue 2, pages 27-45, June.
- Abbas Valadkhani, 2003.
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in: New Developments in Productivity Analysis, pages 225-302
National Bureau of Economic Research, Inc.
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- John G. Fernald & Susanto Basu, 1999. "Why is productivity procyclical? Why do we care?," International Finance Discussion Papers 638, Board of Governors of the Federal Reserve System (U.S.).
- Susanto Basu & John Fernald, 2000. "Why is productivity procyclical? Why do we care?," Working Paper Series WP-00-11, Federal Reserve Bank of Chicago.
- Graeme Davis & Gene Tunny, 2005. "International comparisons of research and development," Economic Roundup, The Treasury, Australian Government, issue 4, pages 63-82, December.
- David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
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