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![Economic Letter for August 17, 2009 Economic Letter for August 17, 2009](https://webarchive.library.unt.edu/web/20090831101135im_/http://www.frbsf.org/images/header_econletter.jpg)
Growth Accounting, Potential Output, and the Current Recession |
Total factor productivity—a measure of the efficiency with which labor and capital are used—has fallen during the current recession. But, after adjustment for lower utilization of labor and capital, such productivity has risen strongly over the past two years. These growth accounting measures suggest that efficiency gains have continued during the recession, boding well for long-term economic growth.
Fernald and Matoba :: 2009-26 |
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About
the Federal Reserve Bank of San Francisco
One of twelve regional Federal Reserve Banks across the U.S. that, together
with the Board of Governors in Washington, D.C., serve as our nation's central bank.
Areas Served: |
Offices: |
Alaska
Arizona
California
Hawaii
Idaho
Nevada |
Oregon
Utah
Washington
American Samoa
Guam
Northern Mariana Islands |
Los Angeles
Portland
Salt Lake City
San Francisco
Seattle
Phoenix |
The largest District, it covers 36 percent of the nation's landmass, ranks
first in the size of its economy, and is home to approximately 20 percent of the nation's population.
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![](https://webarchive.library.unt.edu/web/20090831101135im_/http://www.frbsf.org/images/clear.gif) |
![](https://webarchive.library.unt.edu/web/20090831101135im_/http://www.frbsf.org/images/clear.gif) |
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