Fernald, John G.; Wang, J. Christina - 2022
Historically, U.S. labor productivity (output per hour) and total factor productivity (TFP) rose in booms and fell in …, however, the procyclicality of productivity has waned. TFP has been roughly acyclical with respect to inputs, whereas labor … productivity has become significantly countercyclical. The slow pace of productivity growth after 2010, when the post …