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A quarterly, utilization-adjusted series on total factor productivity

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  • John G. Fernald

Abstract

This paper describes a real-time, quarterly growth-accounting database for the U.S. business sector. The data on inputs, including capital, are used to produce a quarterly series on total factor productivity (TFP). In addition, the dataset implements an adjustment for variations in factor utilization?labor effort and the workweek of capital. The utilization adjustment follows Basu, Fernald, and Kimball (BFK, 2006). Using relative prices and input/output information, the series are also decomposed into separate TFP and utilization-adjusted TFP series for equipment investment (including consumer durables) and ?consumption? (defined as business output less equipment and consumer durables).

Suggested Citation

  • John G. Fernald, 2012. "A quarterly, utilization-adjusted series on total factor productivity," Working Paper Series 2012-19, Federal Reserve Bank of San Francisco.
  • Handle: RePEc:fip:fedfwp:2012-19
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    References listed on IDEAS

    as
    1. Daniel Aaronson & Daniel G. Sullivan, 2002. "Growth in worker quality," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue Feb.
    2. Charles R. Hulten, 1978. "Growth Accounting with Intermediate Inputs," Review of Economic Studies, Oxford University Press, vol. 45(3), pages 511-518.
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    Keywords

    Productivity; Business cycles; Economic growth;
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