The Keynesian Growth Approach to Macroeconomic Policy and Productivity

Gianluca Benigno and Luca Fornaro

No 20190401, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Productivity is one of the key determinants of potential output?that is, the trend level of production consistent with stable inflation. A productivity growth slowdown has occurred in several advanced economies in the aftermath of the global financial crisis, raising concerns about long-term growth. In response, a variety of supply-side policy options have been proposed, such as reforms to increase labor and product market flexibility. In this blog post, we consider the role of demand-side policies in raising trend productivity growth.

Keywords: monetary; policy; Keynesian (search for similar items in EconPapers)
JEL-codes: E2 (search for similar items in EconPapers)
Date: 2019-04-01
New Economics Papers: this item is included in nep-mac and nep-pke
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