dc.contributor.author | Maffei-Faccioli, Nicolò | |
dc.date.accessioned | 2021-09-28T06:18:01Z | |
dc.date.available | 2021-09-28T06:18:01Z | |
dc.date.issued | 2021 | |
dc.identifier.isbn | 978-82-8379-204-1 | |
dc.identifier.issn | 1502-8190 | |
dc.identifier.uri | https://hdl.handle.net/11250/2783876 | |
dc.description.abstract | Long-run GDP growth has declined in the United States over the past two decades. Two competing views take the stage in accounting for this slowdown: demand-side and supply-side. I empirically quantify their relative importance in a Bayesian SVAR with common trends, identified using sign restrictions based on the co-movement of prices and quantities. While supply-side factors were the main driver of long-run GDP growth prior to 2000, demand-side factors explain half of its slowdown afterwards. The findings suggest a relevant role of demand forces as drivers of long-run growth. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | Norges Bank | en_US |
dc.relation.ispartofseries | Working Paper;9/2021 | |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no | * |
dc.subject | long-run growth | en_US |
dc.subject | super-hysteresis | en_US |
dc.subject | SVAR | en_US |
dc.subject | JEL: C32 | en_US |
dc.subject | JEL: E3 | en_US |
dc.subject | JEL: O47 | en_US |
dc.title | Identifying the sources of the slowdown in growth: Demand vs. supply | en_US |
dc.type | Working paper | en_US |
dc.description.version | publishedVersion | en_US |
dc.subject.nsi | VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212 | en_US |
dc.source.pagenumber | 28 | en_US |