TITLE

Implications of Productivity Uncertainty For Monetary Policy

AUTHOR(S)
Parry, Robert T.
PUB. DATE
January 2000
SOURCE
Business Economics;Jan2000, Vol. 35 Issue 1, p13
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Faster productivity growth rates are consistent with the remarkable combination of fast GDP growth, low unemployment, and low inflation the U.S. economy has enjoyed recently. Yet there are uncertainties about this productivity growth, not only because of measurement problems, but, more fundamentally, because one cannot tell at this early stage whether the productivity surge is a cause or a result of today's fast output growth, and, if it's a cause, how long it will last. These uncertainties complicate the question of where the Fed should be along the spectrum of more pre-emptive action or more cautious action.
ACCESSION #
2988773

 

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