Discussion of Australian Macroeconomic Performance and Policies in the 1990s and The Australian Economic 'Miracle': A View from the North
نویسنده
چکیده
I focus these comments on an issue that is central to Charles Bean’s paper and is accorded substantial weight in the paper by David Gruen and Glenn Stevens: the explanation for and the sustainability of the recent surge in Australian productivity growth. Whereas business sector MFP growth averaged only 0.6 per cent per year over the 1980s, it rose to 1.5 per cent over the period 1992–97 – according to Bean’s figures. Gruen and Stevens compare the cyclical expansion of the 1990s with its counterpart in the 1980s and report an identical acceleration of 0.9 percentage points, from 0.9 per cent to 1.8 per cent per annum.
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