The Disappointing Recovery of Output after 2009

Medientyp: E-Book

Titel: The Disappointing Recovery of Output after 2009

Beteiligte: Fernald, John G. [Verfasser:in]; Stock, James H. [Sonstige Person, Familie und Körperschaft]; Watson, Mark W. [Sonstige Person, Familie und Körperschaft]; Hall, Robert E. [Sonstige Person, Familie und Körperschaft]

Körperschaft: National Bureau of Economic Research

Erschienen: Cambridge, Mass: National Bureau of Economic Research, June 2017

Umfang: 1 Online-Ressource

Sprache: Englisch

DOI: 10.3386/w23543

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Reproduktionsnotiz: Hardcopy version available to institutional subscribers

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Anmerkungen: Mode of access: World Wide Web
System requirements: Adobe [Acrobat] Reader required for PDF files

Beschreibung: U.S. output has expanded only slowly since the recession trough in 2009, even though the unemployment rate has essentially returned to a pre-crisis, normal level. We use a growth-accounting decomposition to explore explanations for the output shortfall, giving full treatment to cyclical effects that, given the depth of the recession, should have implied unusually fast growth. We find that the growth shortfall has almost entirely reflected two factors: the slow growth of total factor productivity, and the decline in labor force participation. Both factors reflect powerful adverse forces that are largely unrelated to the financial crisis and recession--and that were in play before the recession

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