American Economic Journal:
Macroeconomics
ISSN 1945-7707 (Print) | ISSN 1945-7715 (Online)
World Productivity: 1996–2014
American Economic Journal: Macroeconomics
vol. 16,
no. 3, July 2024
(pp. 160–89)
Abstract
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.Citation
Esfahani, Mehrdad, John G. Fernald, and Bart Hobijn. 2024. "World Productivity: 1996–2014." American Economic Journal: Macroeconomics, 16 (3): 160–89. DOI: 10.1257/mac.20200480Additional Materials
JEL Classification
- E23 Macroeconomics: Production
- E32 Business Fluctuations; Cycles
- O30 Innovation; Research and Development; Technological Change; Intellectual Property Rights: General
- O47 Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
There are no comments for this article.
Login to Comment