Even before the Great Recession, the US economy was pushing against substantial headwinds that continue to blow. Research from economists John G. Fernald, Robert E. Hall, James H. Stock and Mark W. Watson points to a structural downshift in total factor productivity and a drop in labor force participation as major contributors to the tepid output growth since the bottom of the recession in 2009. GetAbstract recommends this authoritative report to policy experts, economists and analysts seeking to better understand the dynamics behind the US post-crisis economy.
In this summary, you will learn
- How much the US post-Great Recession recovery lags that of previous recessions, and
- How total factor productivity and labor force participation have contributed to sluggish output growth.
About the Authors
John G. Fernald is a senior research adviser at the Federal Reserve Bank of San Francisco. Robert E. Hall, James H. Stock and Mark W. Watson are professors at Stanford, Harvard and Princeton Universities, respectively.
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Comment on this summary
1 year agoAn apt and timely analysis with on the mark conclusions. Although, is it sufficient to deduce the problem causing factors without laying out specific, workable, policy suggestions to overcome these?