World Productivity: 1996-2014

• 成果类型: Article
• 署名作者: Esfahani, Mehrdad; Fernald, John g.; Hobijn, Bart
• 署名单位: Arizona State University; Arizona State University-Tempe; INSEAD Business School; Federal Reserve System - USA; Federal Reserve Bank - Chicago
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20200480
• 发表日期: 2024
• 页码: 160-189
• 关键词: aggregate productivity; market power; GROWTH; output; misallocation; TECHNOLOGY; CHINA

摘要

We use a new growth accounting method to quantify the drivers of world total factor productivity (TFP) growth during 1996-2014and 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)