We find disparate trend variation in TFP and labor growth across major U.S. production sectors over the post …-WWII period. When aggregated, these sector-specific trends imply secular declines in the growth rate of aggregate labor and TFP … amplify the consequences of changing sectoral trends on GDP growth. Thus, in some sectors, changes in TFP and labor growth …

After more than three decades of high growth that was based on an exploration of its low-wage advantage and a … at a crossroad with a much higher wage and a shrinking work force. Future growth by necessity would have to depend more …. In terms of drivers of innovation growth, we find that embracing expanded market opportunities in the world economy and …

th century Britain as either detrimental, or as neutral for economic growth. In this paper, we argue instead that Britain …

In recent years, measured TFP growth in the US has declined. We argue that two forces contributed to this decline: the … investment affect measured capital growth, each potentially generating downward bias in measured TFP growth. Most importantly … TFP growth. Using input-output data, we estimate that this mechanism could account for one-third to two-thirds of the …

How does the sustainable level of consumption depend on productivity growth and the size and growth rate of the … population? What is the effect of uncertainty over these growth rates? I address these questions using a model in which … productivity and population growth are stochastic, and social welfare allows for human lives to have (positive or negative …

Growth theory is based on the assumption of exponential total factor productivity (TFP) growth. Across countries and … time periods I find that TFP growth is actually linear. Unlike the exponential model, the additive growth model provides … interest rates. For the distant future the model predicts ever increasing increments in standards of living but with growth …

cycle), the cohort effect (i.e., inter-cohort human capital growth), and the time effect (i.e., changes in the human capital … rental prices over time), under an identifying assumption that the growth of the experience effect stops at the end of one …'s working career. The decomposition suggests that China has experienced a much larger inter-cohort productivity growth and …

This paper develops estimates of TFP growth adjusted for movements in unobserved factor utilization for a panel of 29 …

. And despite dramatic advances in digital technologies, the growth rate of measured output has not increased. No … decrease wages and interest rates in the short and long run. Growth is increasingly constrained by the scarce input, not labor …