World Productivity: 1996 - 2014

Mehrdad Esfahani, John Fernald () and Bart Hobijn

No 17452, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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 offset 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.

Keywords: Growth accounting; Productivity; World economy (search for similar items in EconPapers)
JEL-codes: F43 O47 O50 (search for similar items in EconPapers)
Date: 2022-07
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Related works:
Journal Article: World Productivity: 1996–2014 (2024)
Working Paper: World Productivity: 1996 - 2014 (2020)
Working Paper: World Productivity: 1996-2014 (2019)
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