Navigation überspringen
Does the United States Have a Productivity Slowdown or a Measurement Problem?
Report

Does the United States Have a Productivity Slowdown or a Measurement Problem?


automatisch generiertes Audio
automatisch generiertes Audio

Editorial Rating

8

Qualities

  • Innovative

Recommendation

Growth in US productivity has been decelerating since 2004, after a surge starting in the mid-1990s. This seems illogical, considering the technological progress that appears to have boosted efficiency. Could official statistics be missing some aspects of new technologies that make people and businesses more productive but that don’t show up in the metrics? Economists David M. Byrne, John G. Fernald and Marshall B. Reinsdorf find that the mismeasurement of various facets of GDP input may not be the likely story behind the perceived slowdown. getAbstract recommends this technical but informative and topical report to economists, policy makers and executives.

Take-Aways

  • Growth in labor productivity and total factor productivity has been decelerating in the United States since 2004, after a notable rise starting in the mid-1990s.
  • Analysts have suspected that incorrect or inadequate measurements of some IT innovations may be behind the productivity deceleration.
  • But accounting for missing elements such as software and special-purpose equipment investment exacerbates the productivity deficit after 2004.

About the Authors

David M. Byrne, John G. Fernald and Marshall B. Reinsdorf are economists at the Federal Reserve Board, the Federal Reserve Bank of San Francisco and the International Monetary Fund, respectively.