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Conference Paper
Macroeconomic implications of the new economy

Proceedings - Economic Policy Symposium - Jackson Hole

Where has all the productivity growth gone?

The productivity of an economy is a measure of the efficiency with which that economy uses its resources?such as its labor and investments in capital?to produce valuable goods and services. Productivity is important because growth in the amount of goods and services produced for a given amount of labor and capital is the ultimate determinant of growth in living standards in an economy over time.
Chicago Fed Letter , Issue Jan

Journal Article
The American economy: producing more with less?

U.S. workers are not only making more stuff, but, thanks to improvements in technology and production, they're doing it faster than anyone believed possible.
The Regional Economist , Issue Jul , Pages 10-11

Journal Article
Taylor-type rules and total factor productivity

This paper examines the impact of a persistent shock to the growth rate of total factor productivity in a New Keynesian model in which the central bank does not observe the shock. The authors then investigate the performance of alternative policy rules in such an incomplete information environment. While some rules perform better than others, the authors demonstrate that inflation is more stable after a persistent productivity shock when monetary policy targets the output growth rate (not the output gap) or the price-level path (not the inflation rate). Both the output growth and price-level ...
Review , Volume 94 , Issue Jan , Pages 41-64

Journal Article
Measuring and analyzing aggregate fluctuations: the importance of building from microeconomic evidence

Review , Issue May , Pages 55-78

Journal Article
New measures of economic growth and productivity in upstate New York

Newly available measures of GDP at the metropolitan area level now afford a more comprehensive view of regional economic activity. An analysis of upstate New York's economic performance using these measures points to below-average output growth between 2001 and 2006 along with productivity levels and productivity growth below the U.S. average. The region's performance overall, however, is somewhat better than that of many manufacturing-oriented metro areas in the Great Lakes region.
Current Issues in Economics and Finance , Volume 14 , Issue Dec

Journal Article
Information technology and productivity

FRBSF Economic Letter

Journal Article
Why has productivity growth declined? Productivity and public investment

The decline in United States productivity has been widely identified as one of the major economic problems facing the nation. This concern is understandable; productivity growth is the major determinant of the future standard of living. Economists have gone to great lengths to try to identify the reasons for the slowdown, and David Aschauer recently introduced the notion that the stock of public infrastructure, as well as the stock of private capital, may be a key to explaining changes in output from the private sector. ; This study builds upon Aschauers insight and explores whether changes ...
New England Economic Review , Issue Jan , Pages 3-22

Journal Article
How fast can we grow?

Nearly thirty years ago, Arthur Okun posed the question, "How much output can the economy produce under conditions of full employment?" He offered a "simple and direct" answer that now, with the benefit of hindsight, seems outmoded and inadequate. This article argues that a minor modification of Okuns procedure based on demographics can adequately account for changes in the potential growth rate over the last 35 years and provide an idea of what to expect in the next ten years. Specifically, it is suggested that changes in the composition and rate of growth of the working-age ...
New England Economic Review , Issue Jan , Pages 3-14



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