Productivity in the World Economy During and After the Pandemic

John Fernald () and Huiyu Li

No 2023-29, Working Paper Series from Federal Reserve Bank of San Francisco

Abstract: This paper reviews how productivity has evolved around the world since the pandemic began in 2020. Productivity in many countries has been volatile. We conclude that the broad contours of productivity growth during this period have been heavily shaped by predictable cyclical patterns. Looking at U.S. industry data, we find little evidence that the sharp rise in telework has had a notable impact, good or bad, on productivity. Stepping back, the data so far appear consistent with a continuation of the slow-productivity-growth trajectory that we faced before the pandemic.

Keywords: growth accounting; productivity; remote work; pandemic; covid19 (search for similar items in EconPapers)
JEL-codes: E01 E23 E24 O47 (search for similar items in EconPapers)
Pages: 29
Date: 2023-09-28
New Economics Papers: this item is included in nep-eff and nep-gro
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DOI: 10.24148/wp2023-29

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