World Productivity: 1996–2014

We use a new growth accounting method to quantify the drivers of world total factor productivity (TFP) growth during 1996–2014 and uncover four main results. World productivity growth is volatile from year to year. This mainly reflects reallocation of labor across country-industries. The contributio...

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Veröffentlicht in:American economic journal. Macroeconomics 2024-07, Vol.16 (3), p.160-189
Hauptverfasser: Esfahani, Mehrdad, Fernald, John G., Hobijn, Bart
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container_title American economic journal. Macroeconomics
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creator Esfahani, Mehrdad
Fernald, John G.
Hobijn, Bart
description We use a new growth accounting method to quantify the drivers of world total factor productivity (TFP) growth during 1996–2014 and uncover four main results. World productivity growth is volatile from year to year. This mainly reflects reallocation of labor across country-industries. The contribution of country-industry level productivity growth to world productivity is relatively constant over time. This constancy masks that the increased importance of emerging economies offsets a productivity slowdown in advanced economies. After 2008, this offsetting effect dissipated and world TFP growth declined. These conclusions are robust to the inclusion of markups in the analysis. (JEL E23, E32, O30, O47)
doi_str_mv 10.1257/mac.20200480
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title World Productivity: 1996–2014
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