World Productivity: 1996–2014

Mehrdad Esfahani, John Fernald () and Bart Hobijn

American Economic Journal: Macroeconomics, 2024, vol. 16, issue 3, 160-89

Abstract: We use a new growth accounting method to quantify the drivers of world total factor productivity (TFP) growth during 1996–2014 and uncover four main results. World productivity growth is volatile from year to year. This mainly reflects reallocation of labor across country-industries. The contribution of country-industry level productivity growth to world productivity is relatively constant over time. This constancy masks that the increased importance of emerging economies offsets a productivity slowdown in advanced economies. After 2008, this offsetting effect dissipated and world TFP growth declined. These conclusions are robust to the inclusion of markups in the analysis.

JEL-codes: E23 E32 O30 O47 (search for similar items in EconPapers)
Date: 2024
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Related works:
Working Paper: World Productivity: 1996 - 2014 (2022)
Working Paper: World Productivity: 1996 - 2014 (2020)
Working Paper: World Productivity: 1996-2014 (2019)
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DOI: 10.1257/mac.20200480

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