# Figure 1: Decomposition of Output Growth

Note: Dotted line denotes horizontal line; the ratio between AtBt and AtF1 t is the factor efficiency of P0 t, and the ratio between Ct+ 1F1 t+1 and At+ 1F1 t+1 is the factor efficiency of P0 t+ 1.

Note: Dotted line denotes horizontal line; the ratio between AtBt and AtF1 t is the factor efficiency of P0 t, and the ratio between Ct+ 1F1 t+1 and At+ 1F1 t+1 is the factor efficiency of P0 t+ 1.