Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/246128 
Year of Publication: 
2021
Series/Report no.: 
Working Paper No. 9/2021
Publisher: 
Norges Bank, Oslo
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.
Subjects: 
Long-run growth
Super-hysteresis
SVAR
JEL: 
C32
E3
O47
Persistent Identifier of the first edition: 
ISBN: 
978-82-8379-204-1
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper
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