BoJ: productivity underestimated during expansions
A Bank of Japan paper published in July analyses the country's labour productivity during the last decade, and finds productivity growth is usually revised upward following expansions.
Naoko Hara and Hibiki Ichiue, the paper's authors, argue productivity is quite difficult to measure, and that revisions to productivity can influence monetary policy. They use Japan's System of National Accounts (SNA) data to measure revisions on productivity growth from 1992 to 2009. The data is substantially
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