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Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
Working Paper No. 9/2021
Verlag: 
Norges Bank, Oslo
Zusammenfassung: 
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.
Schlagwörter: 
Long-run growth
Super-hysteresis
SVAR
JEL: 
C32
E3
O47
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-82-8379-204-1
Creative-Commons-Lizenz: 
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Dokumentart: 
Working Paper
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