FOMC Learning and Productivity Growth (1985-2003): A Reading of the Record

The increasingly rapid productivity growth that began in the 1990s was the defining economic event of the decade and a major topic of debate among Federal Reserve policymakers. A key aspect of the debate was the contrast between information contained in aggregate data, which initially suggested little productivity gain, and anecdotal firm-level evidence, which hinted at the productivity acceleration.
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Additional Fed Publications

Fed in Print: An index of the economic research conducted by the Fed.