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April 1, 2019

The Keynesian Growth Approach to Macroeconomic Policy and Productivity

Gianluca Benigno and Luca Fornaro

Productivity is one of the key determinants of potential output—that is, the trend level of production consistent with stable inflation. A productivity growth slowdown has occurred in several advanced economies in the aftermath of the global financial crisis, raising concerns about long-term growth. In response, a variety of supply-side policy options have been proposed, such as reforms to increase labor and product market flexibility. In this blog post, we consider the role of demand-side policies in raising trend productivity growth.

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Posted at 7:00 am in Macroeconomics | Permalink | Comments (2)

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