The U.S. productivity slowdown: an economy-wide and industry-level analysis

Abstract

, Working Paper 20427 Economic 2014). These authors observe faltering rates of reallocation during the Great Recession, which is the inverse of the typical case for recessions, perhaps indicating that the magnitude of this recession adversely affected prospects for productivity growth. Even worse, they state that “the reallocation Tobin’s Q was first introduced by Nicholas Kaldor 1966. more Kaldor, productivity and the macro-economic theories of distribution: comment Samuelson It popularized a however, James its two quantities: “One, the numerator, is the market valuation: the going price in the market for exchanging existing assets. The other, the denominator, is the replacement or reproduction cost: the price in the market for newly produced commodities. We believe that this ratio has considerable macroeconomic significance and usefulness, as the nexus between financial markets and markets for goods and services.”