Canadian productivity growth: Stuck in the oil sands

Author:

Loertscher Oliver1,Pujolas Pau S.1ORCID

Affiliation:

1. McMaster University

Abstract

AbstractWe 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.

Funder

Social Sciences and Humanities Research Council of Canada

Publisher

Wiley

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