U.S. Total Factor Productivity Slowdown: Evidence from the U.S. States

Cardarelli, Roberto; Lusinyan, Lusine

doi:10.5089/9781513520834.001

Cited by 50 publications

(38 citation statements)

References 23 publications

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“…And Gordon (2012) argues that the ICT revolution temporarily masked a structural decline in U.S. trend growth. In contrast, Cardarelli and Lusinyan (2015) find that the slowdown in TFP in recent years was not concentrated in IT-producing states or in those that use it intensively. Instead, they place more weight on explanations around reduced efficiency in combining innovation and production inputs.…”

Section: Assessing Additional Information Outside the Multivariatecontrasting

confidence: 58%

Multivariate Filter Estimation of Potential Output for the Euro Area and the United States

Alichi

Bizimana²,

Domit³

et al. 2015

IMF Working Papers

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Estimates of potential output are an important component of a structured forecasting and policy analysis system. Using information on consensus forecasts, this paper extends the multivariate filter developed by Laxton and Tetlow (1992) and modified by Benes and others (2010) and Blagrave and others (2015). We show that, although still fairly uncertain, the real time estimates from this approach are more accurate relative to those of naïve univariate statistical filters. The paper presents estimates for the euro area and the United States and discusses how the filtered estimates at the end of the sample period can be improved with additional information. JEL Classification Numbers: C51, E31, E52

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Section: Assessing Additional Information Outside the Multivariatecontrasting

confidence: 58%

Multivariate Filter Estimation of Potential Output for the Euro Area and the United States

Alichi

Bizimana²,

Domit³

et al. 2015

IMF Working Papers

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show abstract

“…Real growth and productivity growth have substantially declined in the industrialised countries since the 1970s, reaching new record lows since the outbreak of the global financial crisis. Despite extensive macroeconomic stabilisation measures, which have become focused on unprecedented monetary expansion (Borio & Zabai, ; Hoffmann & Schnabl, ), real growth and productivity growth remain sluggish (Cardarelli & Lusinyan, ). At the same time, concerns about growing inequality as well as political instability have increased.…”

Section: Introductionmentioning

confidence: 99%

Monetary policy, inequality and political instability

Duarte

Schnabl

2018

World Economy

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Voters in the industrialised countries are increasingly expressing dissatisfaction by dissenting from the established political parties and candidates. Based on the concepts of justice by Hayek, Rawls and Buchanan, we argue that the growing dissatisfaction is rooted in the asymmetric pattern of monetary policies since the mid‐1980s for two reasons. First, the structurally declining interest rates and the unconventional monetary policy measures have granted privileges to specific groups. Second, the increasingly expansionary monetary policies have negative growth effects, which have reduced the scope for compensation of the ones excluded from the privileges. As a result, the acceptance of the prevailing economic and political order is undermined and political instability increases.

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“…See Cardarelli and Lusinyan () for a recent study which considers the relative roles played by information technology, efficiency or market dynamism, educational attainment, and R&D spending.…”

mentioning

confidence: 99%

Labor's Share, the Firm's Market Power, and Total Factor Productivity

Dixon

Lim

2018

Economic Inquiry

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We investigate the relationship between labor's share, firm's market power, and the elasticity of output with respect to labor input using an approach based on an unobserved components model. The approach yields time‐varying estimates of market power and the elasticity. Evidence on the market power of firms (which we find to be rising since 2000) gives a deeper understanding of movements in labor's share and the labor wedge. The generated values of the elasticity yield revised estimates of total factor productivity growth which is informative about the extent of the downward bias inherent in traditional estimates which use labor's share as a proxy for the elasticity. (JEL O47, C32, E25)

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U.S. Total Factor Productivity Slowdown: Evidence from the U.S. States

Cited by 50 publications

References 23 publications

Multivariate Filter Estimation of Potential Output for the Euro Area and the United States

Multivariate Filter Estimation of Potential Output for the Euro Area and the United States

Monetary policy, inequality and political instability

Labor's Share, the Firm's Market Power, and Total Factor Productivity

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