Canadian productivity growth: Stuck in the oil sands
研究了加拿大过去60年全要素生产率增长，发现近20年停滞完全由石油部门导致，高油价使油砂开采可行但降低了生产率增长。
Abstract We study the behaviour of Canadian Total Factor Productivity (TFP) growth over the past 60 years. We find that the observed stagnation during the last 20 years is accounted for entirely by the oil sector. Higher oil prices made capital‐intensive sources of oil like the oil sands viable to extract on a commercial scale. However, the greater input required per barrel of oil slowed TFP growth. Comparing Canadian TFP growth with that of the United States and Norway reinforces these results. However, our result should not be interpreted to carry any welfare implications.