A quarterly, utilization-adjusted series on total factor productivity

John Fernald ()

No 2012-19, Working Paper Series from Federal Reserve Bank of San Francisco

Abstract: This paper describes a real-time, quarterly growth-accounting database for the U.S. business sector. The data on inputs, including capital, are used to produce a quarterly series on total factor productivity (TFP). In addition, the dataset implements an adjustment for variations in factor utilization?labor effort and the workweek of capital. The utilization adjustment follows Basu, Fernald, and Kimball (BFK, 2006). Using relative prices and input/output information, the series are also decomposed into separate TFP and utilization-adjusted TFP series for equipment investment (including consumer durables) and ?consumption? (defined as business output less equipment and consumer durables).

Keywords: Productivity; Business cycles; Economic growth (search for similar items in EconPapers)
Date: 2012
New Economics Papers: this item is included in nep-eff and nep-mac
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Citations: View citations in EconPapers (122)

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