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We find that the growth shortfall has almost entirely reflected two factors: the slow growth of total factor productivity and the decline in labor force participation. Both factors reflect powerful adverse forces largely unrelated to the financial crisis and recession. These forces were in play before the recession.

Link to paper on Mark Watson's site.



Submitted June 26, 2017 at 12:00PM by cb_hanson_III http://ift.tt/2tNpsg7

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