Word: output
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...years passed before the Federal Reserve gained a new leadership that better understood the central bank's role in the inflation process and that sustained anti-inflationary monetary policies would actually work. Beginning in 1979, such policies were implemented successfully--although not without significant cost in terms of lost output and employment--under Fed Chairman Paul Volcker. For the Federal Reserve, two crucial lessons from this experience were, first, that high inflation can seriously destabilize the economy and, second, that the central bank must take responsibility for achieving price stability over the medium term...
...shock has been relatively muted in the current instance.5 One factor, which illustrates my point about the adaptability and flexibility of the U.S. economy, is the pronounced decline in the energy intensity of the economy since the 1970s. Since 1975, the energy required to produce a given amount of output in the United States has fallen by about half.6 This great improvement in energy efficiency was less the result of government programs than of steps taken by households and businesses in response to higher energy prices, including substantial investments in more energy-efficient equipment and means of transportation. This improvement...
...decades following the end of World War II were remarkable for their industrial innovation and creativity. From 1948 to 1973, output per hour of work grew by nearly 3 percent per year, on average.8 But then, for the next 20 years or so, productivity growth averaged only about 1-1/2 percent per year, barely half its previous rate. Predictably, the rate of increase in the standard of living slowed as well, and to about the same extent. The difference between 3 percent and 1-1/2 percent may sound small. But at 3 percent per year, the standard...
...roughly 17,000 Btu of energy were required, on average, to produce a dollar's worth of output, with output being measured in chained (2000) dollars. In 2007 the corresponding figure was 8,800 Btu (see Table 1.7, "Energy Consumption per Real Dollar of Gross Domestic Product," in Energy Information Administration, 2008b...
...Output per hour worked reflects data from the Bureau of Labor Statistics for the private nonfarm business sector...