The Global Productivity Slump: Common and Country-Specific Factors

Barry Eichengreen; Donghyun Park; Kwanho Shin

doi:10.1162/asep_a_00544

The Global Productivity Slump: Common and Country-Specific Factors

Barry Eichengreen, Donghyun Park, Kwanho Shin

Research output: Contribution to journal › Article › peer-review

9 Citations (Scopus)

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
Pages (from-to)	1-41
Number of pages	41
Journal	Asian Economic Papers
Volume	16
Issue number	3
DOIs	https://doi.org/10.1162/asep_a_00544
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

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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.",

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The Global Productivity Slump: Common and Country-Specific Factors

Abstract

Bibliographical note

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