Growth accounting, potential output, and the current recession
Abstract: Total factor productivity - a measure of the efficiency with which labor and capital are used - has fallen during the current recession. But, after adjustment for lower utilization of labor and capital, such productivity has risen strongly over the past two years. These growth-accounting measures suggest that efficiency gains have continued during the recession, boding well for long-term economic growth.
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Provider: Federal Reserve Bank of San Francisco
Part of Series: FRBSF Economic Letter
Publication Date: 2009Order Number: 26