| Productivity Growth in the 1990s: Technology, Utilization, or Adjustment,” presented at the Carnegie-Rochester conference, Pittsburgh, revised version (2001) | |||||||||||||||
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| Measured productivity growth increased substantially during the second half of the current economic expansion. This paper examines whether this increase owes to an increase in the rate of technological change or whether it can be explained by temporary factors relating to factor utilization, factor accumulation, or returns to scale. Though these temporary factors are important for the year-by-year estimates of technological change, they do not account for the acceleration in measured productivity over the expansion. Therefore, the recent increase in productivity growth does appear to arise from an increase in technological change. Although the increase is most pronounced in durable manufacturing, technological change also increased outside of manufacturing. This paper is prepared for the Carnegie-Rochester conference, November 2000. 1. | |||||||||||||||
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