BISWorkingPapersNo1185AllocativeefficiencyandtheproductivityslowdownbyLinShaoandRongshengTangMonetaryandEconomicDepartmentMay2024JELclassification:O47,E23.Keywords:productivityslowdown;allocativeefficiency;volatility;adjustmentcosts.BISWorkingPapersarewrittenbymembersoftheMonetaryandEconomicDepartmentoftheBankforInternationalSettlements,andfromtimetotimebyothereconomists,andarepublishedbytheBank.Thepapersareonsubjectsoftopicalinterestandaretechnicalincharacter.TheviewsexpressedinthemarethoseoftheirauthorsandnotnecessarilytheviewsoftheBIS.ThispublicationisavailableontheBISwebsite(www.bis.org).©BankforInternationalSettlements2024.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.ISSN1020-0959(print)ISSN1682-7678(online)AllocativeEfficiencyandtheProductivitySlowdown∗LinShao†RongshengTang‡April2024AbstractThispaperevaluatesthecontributionofcross-sectorallocativeefficiencytothepro-ductivityslowdownintheUSduringthe1970sand2000s.WeextendtheframeworkofOberfield(2013)toderivesufficientstatisticsforallocativeefficiencyanddecomposeaggregateproductivitygrowthinamulti-sectoreconomywithorwithoutinput-outputlinkages.Wefindapproximatelytwo-thirdsoftheproductivityslowdowncanbeex-plainedbythelackofimprovementinallocativeefficiency.Furthermore,datashowsthatincreasedsector-levelvolatilityisa...
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