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World TFP

Author

Listed:
  • Bart Hobijn

    (Federal Reserve Bank of San Francisco)

  • John Fernald

    (Federal Reserve Bank of San Francisco)

Abstract
We construct a measure of global TFP growth that covers output of the world's forty largest economies. We decompose this measure to address questions such as, which countries and industries are the main sources of global productivity growth? And how has globalization, by reducing misallocation of resources across global producers, contributed to world productivity? We thus quantify how the world production frontier has shifted out over time and, in a proximate sense, the geographic and industry sources of growth. We also discuss the geographic and industry sources of cost pressures, as well as the extent to which reallocation reflects relative unit production costs. Among other findings, reduced misallocation was more important in the 1990s than in the 2000s. And TFP growth in frontier economies slowed in the runup to the Great Recession. But world TFP growth remained strong because of a speedup in TFP growth in emerging economies. Finally, we discuss implications for understanding patterns of world trade.

Suggested Citation

  • Bart Hobijn & John Fernald, 2015. "World TFP," 2015 Meeting Papers 1235, Society for Economic Dynamics.
    • Handle: RePEc:red:sed015:1235
    as

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    References listed on IDEAS

    as
    1. Caselli, Francesco, 2005. "Accounting for Cross-Country Income Differences," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 9, pages 679-741, Elsevier.
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    3. John G. Fernald, 2015. "Productivity and Potential Output before, during, and after the Great Recession," NBER Macroeconomics Annual, University of Chicago Press, vol. 29(1), pages 1-51.
    4. Chang-Tai Hsieh & Peter J. Klenow, 2009. "Misallocation and Manufacturing TFP in China and India," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 124(4), pages 1403-1448.
    5. Caselli, Francesco, 2005. "Accounting for cross-country income differences," LSE Research Online Documents on Economics 5266, London School of Economics and Political Science, LSE Library.
    6. Caselli, Francesco, 2005. "Accounting for cross-country income differences," LSE Research Online Documents on Economics 3567, London School of Economics and Political Science, LSE Library.
    7. Francesco Caselli & Wilbur John Coleman II, 2006. "The World Technology Frontier," American Economic Review, American Economic Association, vol. 96(3), pages 499-522, June.
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