| Publisher | Congressional Budget Office | ||
|---|---|---|---|
| Format | 40.2KB PDF | Date added | 24 Jan 2005 |
| Topics | Performance Budgeting and Management, Financial Management | ||
| Downloads | 4 | ||
Potential total factor productivity (TFP) is a key input in the 10-year economic and budget projections that the Congressional Budget Office (CBO) periodically issues. This paper describes a change in the method used by CBO in its January 2005 Budget and Economic Outlook to estimate potential TFP over history and project its future values. That change in method is in part a response to new information: A number of revisions to the data series used to calculate TFP have changed its estimated rate of growth during the late 1990s - in particular, by slowing the pace of the expansion in productivity that occurred during the 1995-1999 period.
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