Economists who believe that the rise in the average rate of productivity growth between 1995 and 2012 may be long lasting claim that it was caused by increased entrepreneurial activity, application of information technology, and global competition.
During the period between 1995 and 2012, the United States experienced a significant increase in the average rate of productivity growth, which was largely driven by technological advancements, such as the widespread application of information technology, and globalization, which increased competition in many industries.
The rise in productivity growth was also attributed to increased entrepreneurial activity, as new businesses and start-ups emerged and contributed to innovation and productivity gains in various sectors of the economy.
The other options listed in the question, such as increases in the rate of personal saving, rising federal budget surpluses that reduced real interest rates, and expansionary monetary policy, may have had some impact on economic growth during this period, but they were not the primary drivers of the above-normal productivity growth.