Abstract
Productivity growth is slowing around the world. In 2015, the growth of total factor productivity (TFP) hovered around zero for the fourth straight year, down from 1 percent in 19962006 and 0.5 percent in 200712. In this paper we identify previous episodes of sharp and sustained decelerations in TFP growth using data for a large sample of countries and years. TFP slumps are ubiquitous: We find as many as 77 such episodes, depending on definition, in low-, middle- and high-income countries. Low levels of educational attainment and unusually high investment rates are among the significant country-specific correlates of TFP slumps, and energy-price shocks are among the significant global factors.
Original language | English |
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Pages (from-to) | 1-41 |
Number of pages | 41 |
Journal | Asian Economic Papers |
Volume | 16 |
Issue number | 3 |
DOIs | |
Publication status | Published - 2017 Nov 1 |
Bibliographical note
Publisher Copyright:© 2017 by the Asian Economic Panel and the Massachusetts Institute of Technology.
ASJC Scopus subject areas
- Finance
- Economics and Econometrics
- Political Science and International Relations