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Discussion Paper
Low Productivity Growth: The Capital Formation Link
A major economic concern is the ongoing sluggishness in the growth of output per worker hour, generally called labor productivity. In an arithmetic sense, the growth of the economy can be accounted for by the increase in hours worked plus that of labor productivity. With the unemployment rate now at a level widely regarded as near ?full employment,? growth in hours worked is likely to be limited by demographic forces, most importantly the very limited expansion of the working-age population. If productivity growth also remains low, the sustainable pace of increase of real GDP will be limited ...
Speech
Economic erowth and monetary policy: Is there a new normal?
The George Washington University and Princeton University's Griswold Center for Economic Policy Studies Philadelphia, PA President Charles Plosser gives his views on the debate about a new normal for economic growth in the U.S. economy. He will also discuss the question of future productivity growth and highlight research in this area.
Speech
Remarks at the Economic Press Briefing on the Regional Economy, Federal Reserve Bank of New York, New York City
Remarks at the Economic Press Briefing on the Regional Economy, Federal Reserve Bank of New York, New York City.
Working Paper
Does Disappointing European Productivity Growth Reflect a Slowing Trend? Weighing the Evidence and Assessing the Future
In the years since the Great Recession, many observers have highlighted the slow pace of labor and total factor productivity (TFP) growth in advanced economies. This paper focuses on the European experience, where we highlight that trend TFP growth was already low in the runup to the Global Financial Crisis (GFC). This suggests that it is important to consider factors other than just the deep crisis itself or policy changes since the crisis. After the mid-1990s, European economies stopped converging, or even began diverging, from the U.S. level of TFP. That said, in contrast to the United ...
Journal Article
Understanding Patterns in U.S. Regional Economic Growth
An analysis examines how differences in productivity growth and shifting preferences for amenities generate regional variations in U.S. economic growth.
Journal Article
The Future of U.S. Productivity: Cautious Optimism amid Uncertainty
Recent productivity growth likely reflects both cyclical and structural factors, including remote work and AI.
Discussion Paper
Discretionary Services Spending Has Finally Made It Back (to 2007)
The current economic expansion is now the third-longest expansion in U.S. history (based on National Bureau of Economic Research [NBER] dating of U.S. business cycles). Even so, average growth in this expansion—a 2.1 percent annual rate—has been extraordinarily weak. In this post, I return to previous analysis on a specific portion of consumer spending—household discretionary services expenditures—that has displayed unusual weakness in the current expansion (see this post for the definition of discretionary versus nondiscretionary services expenditures, and these posts from 2012 and ...
Does Worker Scarcity Spur Investment, Automation and Productivity? Evidence from Earnings Calls
An analysis suggests labor issues like higher wages and hiring difficulties have prompted some firms to invest in automation, leading to productivity growth.
Speech
Transcript of the Cornell College of Business Annual New York City Predictions Event: February 15, 2017
Transcript of the Cornell College of Business Annual New York City Predictions Event: February 15, 2017.