The recent rise and fall of rapid productivity growth

John Fernald () and Bing Wang

FRBSF Economic Letter, 2015

Abstract: Information technology fueled a surge in U.S. productivity growth in the late 1990s and early 2000s. However, this rapid pace proved to be temporary, as productivity growth slowed before the Great Recession. Furthermore, looking through the effects of the economic downturn on productivity, the reduced pace of productivity gains has continued and suggests that average future output growth will likely be relatively slow.

Date: 2015
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