Remarks by Governor Randall S. Kroszner At The Forecasters Club of New York, New York, New York September 27, 2006 What Drives Productivity Growth? Implications for the Economy and Prospects for the FutureI am delighted to be able to speak before the Forecasters Club of New York. One of the things I’ve enjoyed most during the past five years in both public service and in academia has been the opportunity to engage actively in economic forecasting. I chaired the so-called Troika-2 process when I was a member of the Council of Economic Advisers in 2001 to 2003 through which the economic forecast that is the basis for Administration’s budget is formulated. When I returned to the University of Chicago, I presented the annual economic forecast for the Graduate School of Business in both Chicago and New York, and I believe I see some people here who had attended those events. Since becoming a Governor in March, I have had the privilege of working on the forecasting with the superb staff at the Federal Reserve. In a sense, forecasting is where the "rubber" of economic theory meets the "road" of the real world. As such, it is intellectually exciting and challenging.One of the foremost challenges has been forecasting productivity developments and their macroeconomic implications. As you know, productivity growth is the key source of higher living standards in the long run. But, of course, it also is an important influence shaping shorter-run economic developments as well as monetary policy decisions. Today I will talk about some of the forces that drive productivity growth, the macroeconomic implications of changes in the longer-run trend of productivity, and the prospects for productivity growth. My views on these topics are my own and do not necessarily reflect the views of my colleagues on the Federal Reserve Board or the Federal Open Market Committee.The revolution in information technology (IT) is commonly taken as the initiating force behind the acceleration in productivity seen since 1995. Although I believe that IT is a necessary ingredient, I don’t believe it is sufficient. In particular, the interaction of IT advances with the flexible markets in the United States continues to be a crucial ingredient. The IT revolution has not simply allowed a worker to turn the crank faster on an improved machine (the traditional way we think of technological innovation) but opened the possibility of fundamentally altering the way production (or provision of a service) takes place; hence, the crucial role for flexible labor, product, and financial markets. As I will describe in more detail, this interaction effect of IT with a flexible economy can help to explain why the IT revolution has produced higher productivity growth in the United States but not in many other industrialized economies. While it is important for policymakers to understand the sources of the productivity resurgence, it is also important for us to understand the macroeconomic implications. An often overlooked implication is that, all else equal, an increase in the growth rate of productivity will tend to put upward pressure on real interest rates. But in fact we have not seen the predicted rise in real rates. Of course, we do not live in the world of simple economic models so all other things are not equal. In particular, I believe one reason is that sound economic policies have created a more stable economic environment, and with that has come low and stable inflation and an ongoing desire by foreigners to invest in the United States to reap higher returns associated with higher productivity growth than may be available in their economies. At bottom, I expect that the flexibility of U.S. markets will continue to provide a nourishing environment for technological and process advances, and that very flexibility, along with sound monetary policy, will also allow the U.S. economy to enjoy the benefits of the evolving macroeconomic dynamics that accelerating productivity sets in motion.A Framework for Analyzing the Growth of Labor ProductivityA great success story for the American economy has been the resurgence of productivity growth that began around 1995.1 From 1973 to 1995, labor productivity in the nonfarm business sector increased at an annual rate of 1-1/2 percent. (Labor productivity is defined in terms of output per hour of work in the economy.) In contrast, from 1995 to 2000, productivity accelerated to a 2-1/2 percent rate. Perhaps even more remarkably, despite a recession, the fall of the dot-com market, a broad stock market correction, terrorism, and corporate governance scandals, productivity has accelerated even further since 2000. Despite some slowing in the past few quarters, productivity in the nonfarm business sector has risen at an average annual rate of about 3 percent over the past 5-1/2 years. Many economists, including myself, use growth accounting as a framework for analyzing productivity developments. In its simplest terms, growth accounting decomposes the growth rate of labor productivity into two major components. One is the contribution to productivity growth that comes from giving workers more capital to work with, such as equipment or software; the standard term for this component is "capital deepening." The other major contribution comes from the growth of multifactor productivity--that is, the efficiency with which labor and capital are combined to create output.2 Multifactor productivity growth reflects such things as business process innovations--for example, enhanced supply-chain management techniques or more-effective retail store layouts; advancements in technology, such as the development of new-generation computer chips; or most any other type of improvement in the efficiency of a firm’s operations. This aggregate growth-accounting framework forms the economic underpinning of key comprehensive productivity statistics produced by the Bureau of Labor Statistics.Work done over the past decade takes a somewhat more disaggregated approach to growth accounting in order to get inside the aggregate numbers and try to get a better handle on the sources of our remarkable productivity performance since 1995.3 But all of this is just accounting--albeit, in some research, very elaborate and painstakingly constructed accounting. The deeper analytical questions are, What are the forces driving capital deepening and the growth of multifactor productivity, especially since 1995, and Why does the United States seem to have experienced increased productivity growth, since the mid-1990s, that has not been shared by many other industrial economies?The Forces Driving the Growth of Labor ProductivityIn broad terms, the story for the post-1995 productivity resurgence that comes out of the various studies that take a disaggregated approach, as well as case studies such as those conducted by McKinsey (2002), is well known. Technological advances in the IT-producing sector--that is, multifactor productivity--and associated investments in more and better production equipment (capital deepening) started things off. These developments were bolstered by investments in IT equipment and software by firms outside of the IT-producing sector, improvements in the knowledge and skills needed to use effectively the equipment and software, and innovations in business processes.An unexplained puzzle, however, remains in that story. If productivity growth were simply a matter of installing ever-more-powerful computers or reading ever-more-advanced technical manuals, then all countries with access to the breakthroughs in information technology from the past two decades should have enjoyed the same productivity revival as the United States. But that hasn’t been the case. Since 1995, productivity in the United States has grown substantially faster than in other advanced industrial countries. For example, a recent study by van Ark and Inklaar (2005) indicates that while productivity in the United States accelerated after 1995, average productivity in Europe actually decelerated--indeed, they estimate that the trend in the fifteen countries that made up the European Union before 2004 has been decelerating since the mid-1980s. According to van Ark and Inklaar, some of the differential reflects faster capital deepening in the United States, but much of it reflects a surge in multifactor productivity growth in the United States outside of the IT sector since 2000.4Innovations in information technology, however, cannot be the whole story--flexibility at the firm level and in labor markets, and competitive pressure throughout the economy, also play their roles.5 Businesses must be flexible enough to adopt new technologies and then to transform themselves in ways that allow technology-intensive investment to have the highest possible effect on productivity growth. Similarly, labor markets must be flexible enough to allow for the prompt re-allocation of resources in response to changes in demand. The economy also must be competitive enough to allow useful innovations at some firms to be transmitted throughout the industry by market pressure.At the firm level, an important characteristic of the American economy is that we have a business culture that rewards nimbleness, innovation, and entrepreneurship. As an example, consider the case of U.S. retail trade. To be sure, firms in this industry invested heavily in information technology in the 1990s. Yet they did not become more productive simply by buying faster computers and returning to business as usual. As discussed in a recent in-depth study by McKinsey & Co., IT investments were combined with a host of changes in business practices to raise productivity. Perhaps the best example is the use of IT to improve the links in the supply chain from vendor to retailer, to create a so-called glass pipeline through which retailers’ orders can be monitored as they progress (McKinsey 2002).Flexibility also has been evident in other industries. Consider, for example, a study done of a medical products company that made a large investment in computer-integrated manufacturing (Brynjolfsson and Hitt 2000). The flexibility gained by this investment necessitated a host of other changes in business practice, such as the elimination of piece rates, the encouragement of workers to stop the production line if it is not running at full speed, and a reduction in management layers. Eventually, productivity rose so much that the firm painted the windows of this site black so that competitors could not see how the new system worked!There is an important historical parallel in the United States to the interaction of technological innovation and flexibility in producing higher productivity growth. In the early twentieth century, the electrification of production operations and the electric motor did not substantially raise manufacturing productivity until firms realized that electricity allowed them to rethink the layout of their factories. Rather than build a many-storied factory around a centralized power source, a firm could disperse electric motors around a single-story plant and thereby create the modern assembly line. Workers then could use specialized tools to undertake new activities. This redesign allowed the firm to optimize material handling, change production lines more easily, and perform maintenance on individual sections of the plant without idling production throughout the facility (David, 1990).More broadly, the increasing competitiveness if the American economy over the past quarter century or so has brought with it a market imperative for creativity, innovation, and efficiency. In 1977, Fred Kahn, the Cornell University economist, came to Washington as the chairman of the now-defunct Civil Aeronautics Board and as an adviser to President Carter on deregulation. With Professor Kahn as the prime mover, the Airline Deregulation Act was passed in 1978. This act started the ball rolling, and in fairly short order the Congress passed legislation that deregulated the rail, trucking, and interstate bus industries. Deregulation removed barriers to entry and made it possible for a multitude of new firms to enter the transportation industry.Freely allowing the entry of new firms generates competitive pressures that have a ripple effect throughout the economy. For example, it’s difficult to imagine that online retailers could have become so successful without access to inexpensive, interstate (and international) package delivery services. But the proliferation of these delivery services would not have been possible without the deregulation of the transportation industry in the late 1970s and early 1980s.The converse also may be true. Regulatory barriers to entry in the retail sector in Japan and Europe--for example, restrictions on land use and shopping hours--appear to have impeded the development of more-innovative, and presumably more-productive, types of retailing (Gordon, 2004). More generally, research conducted at the Federal Reserve suggests that regulatory environments in a number of industrial countries have impeded the adoption of information technologies and slowed productivity growth (Gust and Marquez, 2004).Increased trade liberalization, which lowers barriers to the international flow of goods, financial capital, and direct investment, also spurs innovation and creativity. An interesting illustration of the connection is the productivity of multinational corporations. Research conducted by Federal Reserve System economists and others has found that, in the United States, multinational firms are more productive than domestically oriented firms, and the difference holds regardless of whether the parent firm is headquartered in the United States or abroad.6 Perhaps even more remarkable is a finding that, in the United Kingdom, multinational firms owned by U.S. parents are more productive than multinational firms owned by British parents (Bloom, Sadun, and Van Reenen, 2006). I draw two conclusions from this work. First, trade liberalization appears to have made it possible for multinational firms to institute highly efficient cross-border supply chains within their firms that seem to have allowed them to boost significantly the efficiency of their worldwide operations. Second, U.S. firms, on average, have more flexible and innovative business practices, sometimes called organizational capital, that a liberalized trade regime apparently allows them to transfer to their foreign operations.Taking Account of Productivity in a Macro ForecastLet me switch gears now from the sources of our remarkable productivity performance to some of its macroeconomic implications. A good deal of research, including the Board’s large-scale econometric model of the U.S. economy (FRB/US), suggests that what is called Say’s law still holds.7 That is, in the model, an increase in the level of productivity (reflecting, for example, some technological advance) causes businesses and financial markets to revise upward their views about the level of expected profits, and it causes households to revise upward their views about the level of permanent income. The higher level of expected profits and returns to capital, in turn, lead to a rise in business investment. Similarly, personal consumption expenditures are boosted in response to the rise in permanent income. The initial increases in spending are then followed by multiplier effects. A dynamic feedback also occurs on the supply side as the higher level of investment spending increases the capital stock (relative to the supply of worker hours), which gives a small fillip to productivity and potential output. Ultimately, the increases in aggregate supply are matched by an equivalent increase in aggregate demand.8 This is, of course, Say’s law.What I’ve just described is a sketch of what happens after a one-time rise in the level of productivity. In the case of an ongoing rise in the growth rate of productivity, the dynamics and macro consequences are more complicated. In particular, all else equal, a positive shock to the growth rate of productivity will tend to put upward pressure on real interest rates.9 The upward pressure on real interest occurs, in part, because investment must rise to keep the growth of the capital stock in line with the faster growth of gross domestic product. In addition, a shock to the growth rate of productivity boosts household’s assessments of the growth rate of their permanent income, while increases in the expected growth rate of profits and dividends raise asset values, including the value of equities, relative to current income. The combination of faster expected growth of permanent income and higher stock market wealth tends to raise consumption relative to income and, concomitantly, lower personal saving. Thus, all else equal, the increase in demand for financing relative to domestic saving will tend to boost real interest rates.10The dynamics of this process, and how long they take to play out, depend on several factors. One factor is how quickly the productivity change is incorporated into household and business expectations. The change in expectations can be drawn out if households and firms are slow to recognize an inflection point in the productivity growth trend or are highly uncertain about how long any observed change in the data might last. This seems to have been the case in the mid-1990s, when it took some time for that recognition to begin to sink in to the mind-set of most households and businesses. To his credit, Chairman Greenspan was one of the first to call the sea change in our productivity performance to public attention.11 Another factor influencing the dynamics of the process the degree to which businesses, financial markets and consumers are forward-looking in their economic behavior. If they are myopic in their behavior or tend to discount the future very heavily, then the dynamic response of the economy to a change in the growth rate of productivity will be drawn out.At this point, you might be saying to yourself, "Hold on; if an increase in the productivity growth trend is supposed to boost real interest rates, why have real rates been falling since around mid-2004 and are low by historical standards?" The answer involves that favorite safety net of economists, the "all else equal" caveat. In fact, all else has not been equal. Importantly, the term premium embedded in interest rates has been falling. The term premium reflects the extent of uncertainty about future prospects for inflation and for real economic activity. The reduction in the term premia appears to be associated, in part, with the greater economic stability we have been enjoying. Real activity has become less volatile; moreover, inflation is lower and, as long as we at the Federal Reserve do our job, more predictable.12 The huge inflow of foreign saving into the United States, undoubtedly, also has been important. As then-Governor Bernanke observed in 2005, differential demographic trends and rates of return on investment between the United States and many of the world’s other rich countries is part of the explanation for that inflow (Bernanke, 2005). Rich countries, with populations that are aging faster than ours, have a strong motive to save to provide for an impending sharp increase in the number of retirees relative to the number of workers. Moreover, many advanced economies outside the United States also have a paucity of domestic investment opportunities relative to the United States. As a consequence of high desired saving and low prospective returns to domestic investment, the mature industrial economies outside of the United States, as a group, seek to lend abroad. The higher prospective returns in the United States may be due in part to the higher productivity growth that the United States has been experiencing relative to many other industrialized countries resulting from the interaction effect of IT innovations and the flexibility of the United States economy relative to other countries.What about the effects of a productivity shock on inflation? Ultimately inflation is determined by the policy actions of the central bank. In the short run, however, a change in the trend growth rate of productivity can influence inflation dynamics. A one-time change in the level of productivity, or transitory volatility in productivity growth rates, are unlikely to have lasting effects on business pricing behavior. Economic theory and econometric evidence suggest that only a persistent shock to the rate of change of productivity has persistent consequences for rate of change of prices--that is, inflation. If we lived in a world with no impediments to competition in labor and product markets, with prices and wages that freely and quickly moved up and down in response to shifts in economic conditions, then a change in productivity growth would be promptly matched by a corresponding change in nominal compensation per hour. As a consequence, unit labor costs would be unchanged, and all else equal, so would inflation. But, we don’t live in such a perfectly competitive, frictionless world. Nominal compensation per hour initially seems to respond sluggishly to changes in the economy, including productivity shocks. As a result, an increase in productivity growth, for example, initially slows the growth of unit labor costs, which firms--under competitive pressure--then pass on to their customers, thereby slowing price inflation. As price inflation slows and as, with a lag, nominal compensation per hour accelerates, the growth rate of real compensation per hour increases so that over time workers share in the benefits of faster productivity growth. Indeed, in the past, any rise in the level of productivity has eventually been fully translated into a rise in the level of real compensation per hour. How quickly the re-equilibration takes place depends in part on the extent of competition in product markets and the nature of the wage-bargaining process. Up until now, the process in our economy has taken at least a few years, but it has always occurred.Productivity and Real Compensation Per HourWhat I have dubbed the re-equilibration of productivity and real compensation per hour is just another manifestation of one of the great stylized facts of macroeconomics: In the past, deviations in the labor share of income from its mean value of roughly two-thirds have eventually been reversed. But the two-thirds share is an empirical observation about the U.S. economy; it is not an immutable number derived from the first principles of economic theory. As it turns out--I’ll leave the proof to you as a homework assignment--mean reversion in the labor share is equivalent to the observation that over time labor productivity and real compensation per hour have moved together; in the jargon of econometrics, they are co-integrated. (See chart.)
As I just mentioned, when the labor share deviates from its long-run average or, equivalently, a gap opens between productivity and real compensation per hour, the reversion to the mean (that is, the closing of the gap) can take quite a while. In recent years, the labor share has moved down as increases in real compensation per hour have, for the most part, lagged behind productivity growth, but the timing and extent of the change in the labor share depends in part on the particular statistical measure chosen.13 A challenge for forecasters is deciphering whether this latest drop in the labor share is transitory, as such drops have been in the past, or whether some structural aspect of the economy, such as the wage-bargaining process, has changed to make the drop in the labor share permanent. More likely, the adjustment process is taking a long time to play out, as it did in the 1990s, and some recent evidence may suggest that the gap is beginning to close. Assuming that the drop is transitory, another challenge for forecasters is predicting whether the adjustment to real compensation per hour will be driven by a pickup in the growth of nominal compensation per hour or by a reduction in inflation.Prospects for ProductivityLet me close with some comments on the outlook for productivity. Recent estimates by a number of economists suggest that the underlying trend in productivity in the nonfarm business sector is about 2-1/2 percent per year, close to the rate of productivity growth achieved during the period from 1995 to 2000.14 I think a good case can be made for the view that the strong productivity growth of the post-1995 era will persist for some time. The rate of technology growth appears to be proceeding apace, and further diffusion of already existing technologies and applications to more firms and industries should continue to boost productivity.ConclusionAn important lesson of the U.S. productivity resurgence is that an open economy with flexible labor, capital, and product markets is critical for a nation to enjoy the full benefits of recent IT innovation and, thus, to enhance a nation’s productivity performance going forward. In my opinion, the productivity developments that we are likely to see in coming years will be fostered by a U.S. economy that remains very flexible, highly competitive, and open--if anything, it is becoming even more flexible, competitive, and open. If this assessment is reasonably close to the mark, the prospects for future improvements in our nation’s longer-run living standards should be quite favorable, and this underscores the importance of maintaining an open, flexible, and stable economy. Even small increases in productivity growth have tremendous cumulative effects over time on production and income. Let me close by quoting the Nobel laureate Robert Lucas who once said that when one contemplates the effect that sustained economic growth has on human welfare, it is hard to think about anything else.--------------------------------------------------------------------------------ReferencesBaily, Martin (2003). "The U.S. Economic Outlook: Investment, Productivity, Deflation," (72 KB PDF) slide presentation. Washington: Institute for International Economics, April.Bernanke, Ben S. (2005). "The Global Saving Glut and the U.S. Current Account Deficit," speech delivered at the Homer Jones Lecture, April 14.Bloom, Nick, Raffaella Sadun, and John Van Reenen (2006). "It Ain’t What You Do, It’s the Way You Do I.T.: Investigating the Productivity Miracle Using the Overseas Activities of U.S. Multinationals," working paper. London: Centre for Economic Performance, London School of Economics, May.Brayton, Flint, and Peter Tinsley (eds.) (1996). "A Guide to FRB/US: A Macroeconomic Model of the United States," Finance and Economic Discussion Series 1996-42. Washington: Board of Governors of the Federal Reserve System, October.Brynjolfsson, Erik, and Lorin M. Hitt (2000). "Beyond Computation: Information Technology, Organizational Transformation and Business Performance," Journal of Economic Perspectives, vol. 14 (Fall), pp. 23–48.Corrado, Carol, and Lawrence Slifman (1999). "Decomposition of Productivity and Unit Costs," American Economic Review, vol. 89 (May), pp. 328–32.Corrado, Carol, Paul Lengermann, and Larry Slifman (2005). "The Contribution of MNCs to U.S. Productivity Growth, 1977–2000," unpublished paper, Board of Governors of the Federal Reserve System, Division of Research and Statistics, July.Corrado, Carol, Paul Lengermann, Eric Bartelsman, and J. Joseph Beaulieu (2006). "Modeling Aggregate Productivity at a Disaggregate Level: New Results for U.S. Sectors and Industries," (510 KB PDF) paper presented at the 2006 Summer Institute sponsored by the National Bureau of Economic Research and the Conference on Research in Income and Wealth, held in Cambridge, Mass., July 17.David, Paul A. (1990). "The Dynamo and the Computer: An Historical Perspective on the Modern Productivity Paradox," American Economic Review, vol. 80 (May), pp. 355–61.Doms, Mark E., and J. Bradford Jensen (1998). "Comparing Wages, Skills, and Productivity between Domestically and Foreign-Owned Manufacturing Establishments in the United States," in R.E. Baldwin, R.E. Lipsey, and J. David Richardson, eds., Geography and Ownership as Bases for Economic Accounting, National Bureau of Economic Research, Studies in Income and Wealth, vol. 59. Chicago, Ill.: University of Chicago Press, pp. 235–58.Gordon, Robert J. (2003). "Exploding Productivity Growth: Context, Causes, and Implications," (349 KB PDF) Brookings Papers on Economic Activity, 2003:2, pp. 207–98.Gordon, Robert J. (2004). "Why Was Europe Left at the Station When America’s Productivity Locomotive Departed?" NBER Working Paper Series 10661. Cambridge, Mass.: National Bureau of Economic Research, August.Gust, Christopher, and Jaime Marquez (2004). "International Comparisons of Productivity Growth: The Role of Information Technology and Regulatory Practices," Labour Economics, vol. 11 (February), pp. 33-58.Jorgenson, Dale W., Kevin J. Stiroh, Robert G. Gordon, and Daniel E. Sichel (2000). "Raising the Speed Limit: U.S. Economic Growth in the Information Age" (458 KB PDF) Brookings Papers on Economic Activity, 2000:1, pp. 125–235.Jorgenson, Dale W., Mun S. Ho, and Kevin J. Stiroh (2004). "Will the U.S. Productivity Resurgence Continue?" Current Issues in Economics and Finance, vol. 10 (December), pp. 1–7.Kohn, Donald L. (2003). "Productivity and Monetary Policy," speech delivered at the Federal Reserve Bank of Philadelphia Monetary Seminar, Philadelphia, Pa., September 24.Kroszner, Randall S. (2003). "Promoting Global Economic Growth: The Productivity Challenge," working paper. Chicago: University of Chicago, July.Kroszner, Randall S. (2006a). "Innovative Statistics for a Dynamic Economy," speech delivered at the National Association for Business Economics Professional Development Seminar for Journalists, Washington, D.C., May 24.Kroszner, Randall S. (2006b). "Why Are Yield Curves So Flat and Long Rates So Low Globally?" speech delivered at the Institute of International Bankers, New York, New York, June 15.Kurz, Christopher (2006). "Outstanding Outsourcers: A Firm- and Plant-Level Analysis of Production Sharing," Finance and Economics Discussion Series 2006-04. Washington: Board of Governors of the Federal Reserve System, March.McKinsey & Co. (2002). Perspective: How IT Enables Productivity Growth: The U.S. Experience across Three Sectors in the 1990s. Washington: McKinsey Global Institute, November.OECD (2002). "Productivity and Innovation: The Impact of Product and Labor Market Policies," OECD Economic Outlook, vol. 2002/1 (no. 71, June), pp. 171–84.Oliner, Stephen D., and Daniel Sichel (2000). "The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?" Journal of Economic Perspectives, vol. 14 (Autumn), pp. 3–22.Reifschneider, David, Robert Tetlow, and John Williams (1999). "Aggregate Disturbances, Monetary Policy, and the Macroeconomy: The FRB/US Perspective," Federal Reserve Bulletin, vol. 85 (January), pp. 1–19.van Ark, Bart, and Robert Inklaar (2005). "Catching up or Getting Stuck? Europe’s Trouble to Exploit ICT’s Productivity Potential," Research Memorandum GD-79. Groningen, The Netherlands: Groningen Growth and Development Centre, September.--------------------------------------------------------------------------------Endnotes1. One of the earlier papers that was used by many observers to suggest the possibility of a mid-1990s inflection point in productivity growth was Corrado and Slifman (1999). 2. A third contribution comes from the change in labor composition, which some analysts include as part of multifactor productivity. According to estimates produced by the Bureau of Labor Statistics (BLS), this component has played little role in the productivity resurgence. The estimates come from the BLS program on multifactor productivity. The data are available at www.bls.gov. 3. Some of the important papers include Oliner and Sichel (2000), Jorgenson and Stiroh (2000), and Corrado, Lengermann, Bartelsman, and Beaulieu (2006). 4. A study by the OECD (2002), which reports cross-country estimates of multifactor productivity (MFP) growth from 1990 to 1999, also shows that U.S. MFP growth picked up after 1995, while MFP growth fell in most other OECD countries. 5. This point is developed more extensively in Kroszner (2003). 6. For example, Doms and Jensen (1998); Corrado, Lengermann, and Slifman (2005); and Kurz (2006). 7. Descriptions of FRB/US are in Brayton and Tinsley (1996) and Reifschneider, Tetlow, and Williams (1999). 8. Simulations of FRB/US suggest that a 1 percent positive shock to the growth rate of productivity ultimately leads to both aggregate supply and aggregate demand increasing about 1.1 percent faster than they would have in the absence of the shock. 9. This point is emphasized in Kohn (2003). 10. Two possible partial offsets to this process should be noted. First, if all of the spending increases are confined to the private sector, then the government budget deficit will shrink, as it did in the late 1990s, which would help narrow the potential saving shortfall. Second, if foreign economies do not share in the productivity boom, their demand for our exports will not expand in line with the increase in domestic demand. 11. Kroszner (2006a) discusses the need for better data to help identify emerging economic developments more accurately and promptly. 12. This point is explored in Kroszner (2006b). 13. Compensation per hour in the nonfarm business sector is reported to have increased at an annual rate of 13.7 percent in the first quarter of 2006. As a result, real gross domestic income, or GDI (that is, the real value of the goods and services produced in the United States as measured from the income side of the national accounts) increased at a 10.2 percent rate, compared with a 5.6 percent pace for real GDP. In the past, such large differences between the growth rates of GDI and GDP were narrowed by the periodic revisions to the national accounts. However, history offers no sound guidance on which series is likely to be revised most. 14. For example, Baily (2003); Gordon (2003); and Jorgenson, Ho, and Stiroh (2004).
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정동영 업무보고 논란
[서울=뉴스핌] 유신모 외교전문기자 = 청와대 영빈관에서 5일 열린 외교·안보 분야 정부 부처의 대통령 업무보고에서 정동영 통일부 장관의 '한반도 평화공존 발전 구상'과 업무보고 발언이 논란을 빚고 있다.
이날 정 장관의 발언 중에는 정부 내 조율을 거치지 않은 사안을 정책으로 추진하겠다고 공언한 것이 있는가 하면 사실 관계에 맞지 않은 설명도 있었다. 이재명 대통령은 공개적으로 신중을 기해 달라고 경고했고, 조현 외교부 장관은 '이상주의적 희망에 근거한 비현실적 구상'이라는 비판을 내놨다.
그동안 정 장관의 대북 정책 관련 발언이 물의를 빚은 적은 여러 번 있지만 대통령과 유관 부처 장관이 공개적으로 부정적 입장을 표명한 것은 이례적이다. 정 장관의 무리한 대북 접근법과 월권을 제어해야 한다는 목소리도 높아지고 있다.
[정동영 통일부 장관이 지난달 23일 오후 서울 종로구 정부서울청사에서 취임 1주년 기자간담회를 하고 있다. [사진=통일부] 2026.07.23
◆통일부 장관 권한 넘어선 주장
정 장관은 이날 업무보고에서 '한반도 평화공존 발전 구상'을 설명하면서 이재명 정부 2년차 핵심 과제로 상호 존중·평화적 갈등 해결·핵 없는 한반도 등 3대 기본 방향을 제시했다.
정 장관은 "대결과 혐오의 언어는 멈춰야 한다"면서 주적 용어 대체를 주장했다. 지난 25년간의 CVID(완전하고 검증가능하며 되돌릴 수 없는 비핵화) 구도는 이미 무너졌다고도 했다. 또 "현 시점에서 흘러간 선(先)비핵화만 되뇌는 것은 현실을 바꾸는 데 힘이 되지 않는다"고 주장했다. 정 장관은 또 "정전 체제를 평화 체제로 바꾸는 논의에 착수하겠다"면서 "북·미 정상회담 견인과 함께 4자 대화의 동력을 확보하기 위해 최선을 다할 것"이라고 말했다.
하지만 이 대통령은 정 장관의 구상에 대부분 제동을 걸었다. 이 대통령은 "평화공존 정책이 정치적으로 악용되는 측면이 있다"며 "많이 조심하셔야 한다"고 지적했다.
북한을 다른 이름으로 불러야 한다는 주장에는 "표현에 꼬투리가 잡혀 정쟁으로 휘몰아 들어가면 원래 하고자 했던 데에서 오히려 나쁜 상황이 초래될 수 있다"고 경고했다.
이 대통령은 남북 신뢰 구축을 위해 9·19 군사합의를 선제적으로 복원해야 한다는 정 장관의 주장에 대해서도 "우리의 선의대로 하는 게 과연 한반도의 평화와 안정에 플러스냐, 결론적으로 약간의 의문이 들 때도 있다"며 부정적으로 반응했다.
조현 외교부 장관은 업무보고 사후 브리핑에서 정 장관이 언급한 '4자 회담'에 대해 "이상주의에 근거한 어떤 희망이라 하더라도 그건 아직 조율되지 않은 방법"이라며 "여러분들께서 디스카운트해 주시면 좋겠다"고 선을 그었다.
정 장관이 9월 러시아 블라디보스토크에서 열리는 '동방경제포럼(EEF)'을 언급하며 "정부 차원에서 (참석을) 검토하고 있다"고 발언한 데 대해서도 조 장관은 "그것은 외교부의 몫"이라며 "아직 거기까지 진도가 나가지 않았다"고 잘랐다.
정 장관이 이날 소개한 대북 구상과 설명은 정부 내 조율을 거치지 않았다는 점에서 문제가 있다. 특히 주적 표현 대체와 국호 사용, 9·19 군사합의 복원, 4자회담 추진 등은 통일부 장관이 결정할 사안이 아니어서 월권이라는 지적이 나오고 있다. 이 대통령은 정 장관의 업무보고를 듣고 난 뒤 "여기 업무보고에 발표했다고 승인난 건 아니다"라고 재차 확인했다.
정부의 한 소식통은 "정 장관의 발언 내용은 대부분 국가안전보장회의(NSC)를 거쳐 결정된 사안이 아닌 정 장관의 개인적 생각에 가깝다"며 "안보 관련 부처 장관이 정부의 공식 정책이 아닌 사안을 추진하겠다고 업무보고를 하고 대통령의 면전에서 '국군통수권자가 나서야 한다'고 주장한 것은 심각한 문제"라고 지적했다.
이재명 대통령이 5일 청와대 영빈관에서 열린 통일 외교 국방 등 외교 안보 부처 업무보고에서 발언하고 있다. [사진=청와대] 2026.08.05
◆시대착오적 접근, 대북 인식 오류
더욱 문제인 것은 정 장관의 이같은 주장이 현 시점에서 이미 참고가 될 수 없는 과거의 경험 또는 사실과 다른 인식에 기반하고 있다는 것이다. 정 장관이 주장하는 구상은 급격히 변화하고 있는 북한의 전략과 한반도 및 국제 정세를 전혀 반영하지 못하고 있다는 비판이 제기되고 있다.
정 장관이 "흘러간 선(先)비핵화만 되뇌는 것은 현실을 바꾸지 못한다"고 언급한 것은 지금까지의 대북 접근법을 호도하고 있다. 북핵 위기 발발 이후 지금까지 모든 핵 협상에서 한국이나 미국은 북한에 선비핵화를 공식적으로 요구한 적이 없기 때문이다.
지금까지의 북핵 협상은 북한의 비핵화 조치에 한·미가 상응하는 대가를 제공하는 방식으로 이뤄졌다. 1994년 북·미 제네바 기본합의는 핵시설 동결과 중유 제공의 교환이었다. 2005년 9.19 공동성명도 북한의 비핵화 조치의 모든 단계에 상응조치를 제공하는 '행동 대 행동' 원칙이 적용됐다.
대북 협상에 관여했던 한 전직 관료는 "모든 북핵 협상은 북한의 비핵화 조치와 한·미가 제공하는 상응조치를 어떻게 정교하게 배열하느냐가 관건이었다"면서 "정 장관의 발언은 지금까지 한·미가 북한에 먼저 핵을 포기해야 대화할 수 있다는 정책을 고수해 현 상황에 이르게 됐다는 잘못된 인식에서 비롯된 것으로 보인다"고 말했다.
정 장관이 "지난 25년간의 CVID 구도가 무너졌다"고 말한 것도 비핵화의 개념에 대한 이해 부족이라는 비판이 제기되고 있다. 북핵 문제에 정통한 외교 소식통은 "어떤 명칭을 붙이든 핵을 제거한 뒤 이를 검증하고 재발 방지 조치를 하는 것은 비핵화에 반드시 포함되어야 하는 기본적 절차"라며 "CVID는 안 된다고 말하는 것은 북한의 비핵화 조치를 검증도 하지 않고 언제든 되돌릴 수 있도록 합의하자는 말과 같다"고 지적했다.
[서울=뉴스핌] 이길동 기자 = 조현 외교부 장관이 5일 오후 서울 종로구 정부서울청사 별관에서 2026년 하반기 업무보고 사후브리핑을 하고 있다. 2026.08.05 gdlee@newspim.com
◆안보 리스크 키우는 통일부 장관
정 장관은 지난해 취임 직후부터 청와대와 외교부를 제치고 통일부가 북한과 관련된 모든 정책을 주도해야 한다는 주장을 펴면서 단독 질주를 거듭해왔다.
북한의 '적대적 두 국가' 주장을 변형한 '평화적 두 국가'를 지향해야 한다고 주장하면서 이에 문제점을 지적하는 목소리를 무시했다. 외교부가 미국과 북한 문제를 논의하는 것에 대해 "한반도 정책과 남북관계는 주권의 영역이며 동맹국과 협의의 주체는 통일부"라고 주장해 물의를 빚었다. 문재인 정부 시절 한·미 워킹그룹이 남북관계 파탄 원인이었다고 사실과 다른 주장을 폈다.
지난해 업무보고에서는 국제정세를 감안하지 않고 남북대화 재개에만 초점을 맞춘 비현실적 내용으로 논란을 빚었다. 정부 내 조율도 거치지 않고 독자 대북제재인 5·24 조치를 해제하고 9·19 군사합의 비행금지구역 복원을 추진하겠다는 방침도 밝혔다.
지난 4월에는 평안북도 구성시에 우라늄 농축 시설이 있다고 말해 파장을 일으켰다. 미국은 이 발언을 계기로 한국과 대북정보 공유를 제한했다. 이 조치는 지금도 계속되고 있는 것으로 알려졌다.
정 장관이 이처럼 정부의 공식 결정을 거치지 않은 사안을 정부 정책인 것처럼 주장하며 좌충우돌하는 배경에 대해 여러가지 해석이 나온다. 북한 문제에서 조기에 성과를 거둬야 한다는 조급증과 자신의 존재감 과시 욕구가 작용하고 있다는 평가가 많다.
일각에서는 정 장관이 2007년 민주당 대선후보였을 때 이재명 대통령이 캠프에서 비서실 부실장으로 활동한 전력이 있다는 것을 들어 "정 장관이 아직도 이 대통령을 아랫사람으로 생각하고 있는 것 아니냐"는 비판을 내놓기도 한다.
한·미 관계와 북한 문제를 오래 다뤘던 전직 관료 출신의 한 전문가는 "정 장관 취임 후 지금까지의 언행은 잘못된 현실 인식에 따른 독단과 앞서 가기, 월권 등으로 점철돼 있다"면서 "통일부 장관이라는 중요한 직책에 있으면서 스스로 안보 리스크를 키우는 역할만 했다"고 비판했다.
opento@newspim.com
2026-08-06 06:10
사진
6월 경상수지 최대 흑자
[서울=뉴스핌] 박가연 기자 = 지난 6월 우리나라의 경상수지가 전월에 이어 역대 최대 흑자를 기록했다. 반도체를 중심으로 한 정보기술(IT) 품목 수출 호조로 월간 상품수출이 처음으로 1000억달러를 넘어선 영향이다.
[자료=한국은행]
한국은행이 6일 발표한 '2026년 6월 국제수지(잠정)'에 따르면 지난 6월 경상수지는 497억3000만달러 흑자로 집계됐다. 전월(386억1000만달러)에 이어 두 달 연속 월간 기준 역대 최대 기록을 갈아치웠다. 이에 따라 올해 상반기 누적 경상수지 흑자는 1910억1000만달러를 기록했다.
경상수지 흑자를 견인한 것은 상품수지다. 6월 상품수지는 478억9000만달러 흑자를 기록하며 전월에 이어 역대 최대를 다시 썼다. 국제수지 기준 상품수출은 1123억7000만달러로 전년 동월 대비 84.5% 증가하며 월간 기준 처음으로 1000억달러를 넘어섰다. 상품수입은 644억8000만달러로 38.6% 늘었다.
통관 기준으로는 반도체 수출이 전년 동월 대비 196.9% 급증했고 컴퓨터·주변기기(SSD)는 282.7% 증가했다. IT 품목 수출은 160.4% 늘었으며 비IT 품목도 ▲석유제품(47.5%) ▲화공품(18.6%) ▲철강제품(17.9%) ▲승용차(6.1%) 등을 중심으로 18.6% 증가했다. 통관 기준 수입은 ▲원자재(30.5%) ▲자본재(35.3%) ▲소비재(16.4%)가 모두 늘었다.
서비스수지는 12억9000만달러 적자를 기록해 전월(-10억9000만달러)보다 적자 폭이 확대됐다. 여행수지는 외국인 입국자 증가와 유류할증료 인상 등에 따른 출국자 감소로 4억4000만달러 흑자를 기록했지만 지식재산권사용료수지는 전월 흑자에서 4억4000만달러 적자로 전환됐다.
본원소득수지는 배당소득을 중심으로 32억7000만달러 흑자를 기록해 전월(21억7000만달러)보다 흑자 폭이 확대됐다. 배당소득수지는 배당수입이 늘어난 데다 전월 분기배당에 따른 기저효과로 배당지급이 줄면서 25억6000만달러 흑자를 나타냈다.
금융계정 순자산은 6월 중 467억1000만달러 증가해 월간 기준 역대 최대 증가 폭을 기록했다. 종전 최대였던 올해 3월(369억9000만달러)을 넘어선 것이다. 직접투자에서는 내국인의 해외투자가 80억1000만달러, 외국인의 국내투자가 46억3000만달러 각각 증가했다.
증권투자에서는 외국인의 국내 주식 매도세가 이어졌다. 외국인의 국내 주식 투자는 차익실현 매도 등의 영향으로 316억1000만달러 감소하며 전월(-310억5000만달러)에 이어 역대 최대 순매도 기록을 다시 경신했다.
외국인의 국내 채권투자는 세계국채지수(WGBI) 자금 유입에도 분기 말 만기도래 영향으로 증가 폭이 줄어든 52억9000만달러를 기록했다. 내국인의 해외 증권투자는 주식을 중심으로 35억6000만달러 증가했다.
eoyn2@newspim.com
2026-08-06 08:00












