2017-02-13stlouisfed.org

``The poor long-run performance of 1975-1985 can be attributed to low productivity growth and a decline in capacity utilization. Afterwards, long-run growth rates in output started to pick up, first associated with an increase in capacity utilization and then with increased productivity growth... As argued by St. Louis Fed President James Bullard, we seem to be currently in a low productivity-growth regime.''



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