Productivity and Potential Output Before, During, and After the Great Recession

John Fernald

NBER Working Paper No. 20248
Issued in June 2014

---- Acknowledgments ----

Forthcoming, NBER Macroeconomics Annual 2014. This is a substantially revised and updated version of a paper that first circulated in 2012. I thank Erik Brynjolfsson, Susanto Basu, Mary Daly, Charles Fleischman, Fred Furlong, Robert Gordon, Bob Hall, Bart Hobijn, Chad Jones, Òscar Jordà, Liz Laderman, Zheng Liu, Steve Oliner, Nick Oulton, Jonathan Parker, Bob Shackleton, Dan Sichel, John Williams, and Dan Wilson for helpful comments and conversations. I also thank seminar participants at several institutions, as well as other colleagues at the San Francisco Fed. I thank Titan Alon, Kuni Natsuki and Bing Wang for excellent research assistance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research, the Federal Reserve Bank of San Francisco, or the Board of Governors of the Federal Reserve System.

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