This paper makes four points about the recent dynamics of productivity and potential output. First, after accelerating … in the mid-1990s, labor and total-factor productivity growth slowed after the early to mid 2000s. This slowdown preceded … the Great Recession. Second, in contrast to some informal commentary, productivity performance during the Great Recession …

, including capital, are used to produce a quarterly series on total factor productivity (TFP). In addition, the dataset …

productivity growth. We show that the data imply that households are not willing to substitute between the two goods at all and …