The New Normal: A Sector-level Perspective on Productivity Trends in Advanced Economies

Business & Finance, Economics, Money & Monetary Policy, Macroeconomics
Cover of the book The New Normal: A Sector-level Perspective on Productivity Trends in Advanced Economies by Era Ms. Dabla-Norris, Si Mr. Guo, Vikram Mr. Haksar, Minsuk Kim, Kalpana Ms. Kochhar, Kevin Wiseman, Aleksandra Zdzienicka, INTERNATIONAL MONETARY FUND
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Author: Era Ms. Dabla-Norris, Si Mr. Guo, Vikram Mr. Haksar, Minsuk Kim, Kalpana Ms. Kochhar, Kevin Wiseman, Aleksandra Zdzienicka ISBN: 9781498345712
Publisher: INTERNATIONAL MONETARY FUND Publication: March 18, 2015
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Era Ms. Dabla-Norris, Si Mr. Guo, Vikram Mr. Haksar, Minsuk Kim, Kalpana Ms. Kochhar, Kevin Wiseman, Aleksandra Zdzienicka
ISBN: 9781498345712
Publisher: INTERNATIONAL MONETARY FUND
Publication: March 18, 2015
Imprint: INTERNATIONAL MONETARY FUND
Language: English
Total factor productivity growth was stagnant or slowing in many advanced countries even prior to the crisis. This paper documents sector-level productivity patterns across advanced economies prior to the crisis and examines the role of product and labor market rigidities as well as innovation and investments in information technology and human capital in driving productivity differences across sectors and countries. Since productivity payoffs of reforms evolve over time, we also focus on large changes in the structural indicators examine their dynamic impact on productivity, employment, and output. Our results suggest that reform priorities depend on country-specific settings, including the scale of specific policy distortions and the distance from the technology frontier. Productivity gains from reforms are large and materialize predominantly in the medium term, with some important variations across industries and countries.
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Total factor productivity growth was stagnant or slowing in many advanced countries even prior to the crisis. This paper documents sector-level productivity patterns across advanced economies prior to the crisis and examines the role of product and labor market rigidities as well as innovation and investments in information technology and human capital in driving productivity differences across sectors and countries. Since productivity payoffs of reforms evolve over time, we also focus on large changes in the structural indicators examine their dynamic impact on productivity, employment, and output. Our results suggest that reform priorities depend on country-specific settings, including the scale of specific policy distortions and the distance from the technology frontier. Productivity gains from reforms are large and materialize predominantly in the medium term, with some important variations across industries and countries.

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