Download or read book The Productivity Growth Slowdown and Capital Accumulation written by Martin Neil Baily and published by . This book was released on 1981 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Global Productivity written by Alistair Dieppe and published by World Bank Publications. This book was released on 2021-06-09 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic struck the global economy after a decade that featured a broad-based slowdown in productivity growth. Global Productivity: Trends, Drivers, and Policies presents the first comprehensive analysis of the evolution and drivers of productivity growth, examines the effects of COVID-19 on productivity, and discusses a wide range of policies needed to rekindle productivity growth. The book also provides a far-reaching data set of multiple measures of productivity for up to 164 advanced economies and emerging market and developing economies, and it introduces a new sectoral database of productivity. The World Bank has created an extraordinary book on productivity, covering a large group of countries and using a wide variety of data sources. There is an emphasis on emerging and developing economies, whereas the prior literature has concentrated on developed economies. The book seeks to understand growth patterns and quantify the role of (among other things) the reallocation of factors, technological change, and the impact of natural disasters, including the COVID-19 pandemic. This book is must-reading for specialists in emerging economies but also provides deep insights for anyone interested in economic growth and productivity. Martin Neil Baily Senior Fellow, The Brookings Institution Former Chair, U.S. President’s Council of Economic Advisers This is an important book at a critical time. As the book notes, global productivity growth had already been slowing prior to the COVID-19 pandemic and collapses with the pandemic. If we want an effective recovery, we have to understand what was driving these long-run trends. The book presents a novel global approach to examining the levels, growth rates, and drivers of productivity growth. For anyone wanting to understand or influence productivity growth, this is an essential read. Nicholas Bloom William D. Eberle Professor of Economics, Stanford University The COVID-19 pandemic hit a global economy that was already struggling with an adverse pre-existing condition—slow productivity growth. This extraordinarily valuable and timely book brings considerable new evidence that shows the broad-based, long-standing nature of the slowdown. It is comprehensive, with an exceptional focus on emerging market and developing economies. Importantly, it shows how severe disasters (of which COVID-19 is just the latest) typically harm productivity. There are no silver bullets, but the book suggests sensible strategies to improve growth prospects. John Fernald Schroders Chaired Professor of European Competitiveness and Reform and Professor of Economics, INSEAD

Download or read book Revisiting Capital Accumulation written by Adeliada Mehmetaj and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three chapters that look at the business cycle and productivity implications of relaxing certain assumptions regarding capital accumulation. In the first chapter, I introduce capital search frictions into an otherwise standard Real Business Cycle model. New and used capital markets are separate and used capital reallocation is subject to search frictions. The model produces the desired property of procyclical reallocation of used capital in equilibrium in line with business cycle data facts. The second chapter relaxes the assumption that capital depreciation is exogenous, to study the implications of such an assumption on productivity growth. In a Dynamic Stochastic General Equilibrium model where capital depreciation varies with the rate of technological innovation, the model finds that failure to account for depreciation's endogenous response to technological changes, only biases productivity measures when the economy is switching regimes. Along the Balanced Growth Path, when the rate of technological innovation is fixed, the econometrician who computes Total Factor Productivity from standard growth accounting, using capital stock with constant depreciation, will exactly pin down true productivity. The model is then used to study two main episodes of productivity slowdown in the US, the slowdown of the early 1970s and that of the mid 2000s. As the economy switches from a higher to a lower growth rate of technology in the early 1970s, failure to account for endogenous capital depreciation overestimates the slowdown by approximately 15%, while the opposite is true in the mid 2000s. As the economy switches from a higher to a lower growth rate of technology, the true slowdown is underestimated by approximately 5% when capital depreciation is kept constant. The third chapter proposes two approximations of the non-recursive, infinite horizon model of endogenous depreciation used in the second chapter, otherwise known as the Putty-Clay model, in order to implement and solve the model in Dynare. The first approximation is based on the assumption that it takes a capital vintage a certain number of periods to fully depreciate. This assumption takes care of the infinite horizon problem and the contribution of the paper is to show how to automatize and solve this non-recursive model in Dynare using its first-order perturbation methods. The second method proposes approximating the non-recursive equilibrium equations through a time-series process of lag one that preserves the dynamics of the putty-clay model. While the first method automatizes the non-recursive model in Dynare for any general number of periods, it is computationally expensive, which matters for estimation. The recursive approximation method can resolve this issue by reducing the state-space of the model.

Download or read book Capital and the Slowdown of Growth in the United States written by Stephen Oliner and published by . This book was released on 1988 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Growth Accumulation and Unproductive Activity written by Edward N. Wolff and published by Cambridge University Press. This book was released on 1987 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reveals that the high level of unproductivity in the U.S. economy since World War II has been a significant factor in the slowdown of growth in the rate of capital accumulation, productivity growth, and the overall growth rate. Attributes the negative tendency to the gradual but persistent shift of resources to unproductive activities.

Download or read book Growth Accumulation and Unproductive Activity written by Edward N. Wolff and published by Cambridge University Press. This book was released on 2006-12-14 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book documents the growth of unproductive activity in the United States economy since World War II and its relation to the economic surplus, capital accumulation, and economic growth. Unproductive activities broadly consist of those involved in the circulation process, including wholesaling and retailing, banking and financial services, advertising, legal services, business services and many (though not all) government activities. The results indicate that the level of unproductive activity in the postwar economy has been a significant factor in the slowdown in the rate of capital accumulation, productivity growth and the overall growth rate. Here, the villain is shown to be the gradual but persistent shift of resources to unproductive activities. The consequence has been a reduction in new capital formation and productivity growth and an erosion in the rate of growth in per capita living standards. Moreover, the rise in unproductive activity is itself seen to be rooted in the logic of advanced capitalism. The forces of competition, which in the early stages of capitalism lead to rapid technical change and productivity growth, promote non-productive and even counterproductive activities in its more advanced stages.

Download or read book THE ROLE OF CAPITAL FORMATION IN THE RECENT SLOWDOWN IN PRODUCTIVITY GROWTH written by J.R. NORSWORTHY and published by . This book was released on with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Decline in Productivity Growth written by and published by . This book was released on 1980 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Capital embodied Technical Change and the Productivity Growth Slowdown in Canada written by Surendra Gera and published by Industrie Canada. This book was released on 1998 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Falling Long Term Growth Prospects written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2024-03-06 with total page 703 pages. Available in PDF, EPUB and Kindle. Book excerpt: A structural growth slowdown is under way across the world: at current trends, the global rate of potential growth is expected to fall to a three-decade low over the remainder of the 2020s. Nearly all the forces that have powered growth and prosperity since the early 1990s have weakened. In addition, a series of shocks has affected the global economy over the past three years. A persistent and broad-based decline in long-term growth prospects imperils the ability of emerging market and developing economies to combat poverty, tackle climate change, and meet other key development objectives. The challenges presented by this potential inability call for an ambitious policy response at the national and global levels. This book presents the first detailed analysis of the growth slowdown and a rich menu of policy options to deliver better growth outcomes. ------------------------------------------------------------------------------------------------------------- This book presents a sobering analysis of the secular growth slowdown based on the most comprehensive database of potential growth estimates available to date. With nearly all the forces that have driven growth and prosperity in recent decades now weakened, the book argues that a prolonged period of weakness is under way, with serious implications for emerging market and developing economies. The authors call for bold policy actions at both the national and global levels to lift growth prospects. The book is essential reading for policy makers, economists, and anyone concerned about the future of the global economy. Beatrice Weder di Mauro Professor of International Economics, Geneva Graduate Institute, and President of the Centre for Economic Policy Research (CEPR) Economic policy making is becoming increasingly complicated in the 2020s. In addition to tackling traditional trade-offs in aggregate demand management and improving efficiency on the supply side, policy makers need to address new priorities and challenges, from addressing climate change and its impacts to improving income distribution, all in the context of lower growth rates, waning productivity growth, and flattening of the globalization process that has brought unprecedented prosperity across the globe and lifted more than a billion people out of poverty. In Falling Long-Term Growth Prospects, the authors do a phenomenal job of assessing these trends at the global and regional levels, identifying and unpacking salient twenty-first-century policy challenges, and providing thoughtful and evidence-based policy prescriptions for leaders in advanced, emerging market, and developing economies. Importantly, the book underscores that these challenges tend to be global and, hence, global cooperation at all levels is necessary to achieve optimal results. Alas, we seem to be going in the opposite direction; this book offers a road map to put us back on the path to creating a more integrated, prosperous, and equitable global community. Michael G. Plummer Director, SAIS Europe and ENI Professor of International Economics, The Johns Hopkins University

Download or read book Gone with the Headwinds written by Gustavo Adler and published by International Monetary Fund. This book was released on 2017-04-03 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: Productivity growth—the key driver of living standards—fell sharply following the global financial crisis and has remained sluggish since, adding to a slowdown already in train before. Building on new research, this note finds that the productivity slowdown reflects both crisis legacies and structural headwinds. In advanced economies, the global financial crisis has led to “productivity hysteresis”—persistent productivity losses from a seemingly temporary shock. Behind this are balance sheet vulnerabilities, protracted weak demand and elevated uncertainty, which jointly triggered an adverse feedback loop of weak investment, weak productivity and bleak income prospects. Structural headwinds—already blowing before the crisis—include a waning ICT boom and slowing technology diffusion, partly reflecting an aging workforce, slowing global trade and weaker human capital accumulation. Reviving productivity growth requires addressing remaining crisis legacies in the short run while pressing ahead with structural reforms to tackle longer-term headwinds.

Download or read book Federal Regulation s Impact on the Productivity Slowdown written by Richard K. Vedder and published by . This book was released on 1996 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book An Explanation of the Productivity Paradox written by Masahiro Kuroda and published by . This book was released on 1999 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book International Comparisons of Productivity and Causes of the Slowdown written by American Enterprise Institute for Public Policy Research and published by . This book was released on 1984 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conference papers, comparison, economic growth, productivity trends, USA, developed countries - industrial investment, research and development, energy policy, education, labour relations, labour cost, tax, industrial growth, labour productivity. Bibliography, graphs, statistical tables.

Download or read book Productivity Technology and Economic Growth written by Bart van Ark and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Productivity, Technology and Economic Growth presents a selection of recent research advances on long term economic growth. While the contributions stem from both economic history, macro- and microeconomics and the economics of innovation, all papers depart from a common viewpoint: the key factor behind long term growth is productivity, and the latter is primarily driven by technological change. Most contributions show implicitly or explicitly that technological change is at least partly dependent on growth itself. Furthermore, technology appears to interact strongly with investment in physical and human capital as well as with changes in historical, political and institutional settings. Together these papers are an up-to-date account of the remarkable convergence in theoretical and empirical work on productivity and growth over the past decades. The first part deals with the characteristics of growth regimes over longer periods, ranging from 20 years to two centuries. The next four chapters study the determinants of productivity growth and, in some cases, productivity slowdown during the last quarter of the twentieth century. The final five chapters focus on the role of technology and innovation as the key determinants of growth. Productivity, Technology and Economic Growth is, therefore, a welcome collection for academic scholars and graduate students in economics, history and related social sciences as well as for policy makers.

Download or read book Productivity a Selected Annotated Bibliography written by and published by . This book was released on 1979 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Lagging Productivity Growth written by Shlomo Maital and published by Cambridge, MA : Ballinger Publishing Company. This book was released on 1980 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comparison of the decline of industrial growth and productivity in Canada and the USA - analyzes industrial structures, economic structures and underlying trends (incl. Statistical tables from nine OECD countries), factors such as research and development spending, energy prices and woman worker participation, with a literature survey of management effects on organizational behaviour and Motivation, and advocates changes in productivity policy with private sector support. Bibliography pp. 275 to 294 and diagrams.