Productivity, a long-term driver of economies and incomes, has lagged during the recovery from the Great Recession. However, the 2008 financial crisis isn’t the sole cause of the decline. In fact, the slowdown in productivity improvements in major developed countries was already underway before 2007. This working paper from economists Gilbert Cette, John G. Fernald and Benoit Mojon presents a thorough analysis of the precrisis mechanisms that caused efficiency gains to sputter. getAbstract recommends this authoritative study to policy makers and executives interested in understanding what propels productivity.
In this summary, you will learn
- Why productivity has not bounced back in the developed economies since the 2008 financial crisis and
- What factors account for the pre-Great Recession global productivity slowdown.
About the Authors
Gilbert Cette and Benoit Mojon are economists at the Banque de France. John G. Fernald is an economist at the Federal Reserve Bank of San Francisco.
Get the key points from this report in 10 minutes.
For your company
We help you build a culture of continuous learning.
Comment on this summary
By the same authors
John G. Fernald et al.
David M. Byrne et al.
Brookings Institution, 2016
Customers who read this summary also read
World Bank Group
World Bank, 2016
Silja Baller et al.
World Economic Forum, 2016
Paul De Grauwe and Yuemei Ji
Lusine Lusinyan and Dirk Muir