Aggregate Productivity and Aggregate Technology
Author | : Susanto Basu |
Publisher | : |
Total Pages | : 66 |
Release | : 1997 |
Genre | : Industrial productivity |
ISBN | : |
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Author | : Susanto Basu |
Publisher | : |
Total Pages | : 66 |
Release | : 1997 |
Genre | : Industrial productivity |
ISBN | : |
Author | : Susanto Basu |
Publisher | : |
Total Pages | : 62 |
Release | : 1995 |
Genre | : Business cycles |
ISBN | : |
Explanations of procyclical productivity play a key role in a variety of business-cycle models. Most of these models, however, explain this procyclicality within a representative-firm paradigm. This procedure is misleading. We decompose aggregate productivity changes into several terms, each of which has an economic interpretation. However, many of these terms measure composition effects such as reallocations of inputs across productive units. We apply this decomposition to U.S. data by aggregating from roughly the two-digit level to the private economy. We find that the compositional terms are significantly procyclical. Controlling for these terms virtually eliminates the evidence for increasing returns to scale, and implies that input growth is uncorrelated with technology change.
Author | : M. Ali Choudhary |
Publisher | : |
Total Pages | : |
Release | : 2009 |
Genre | : |
ISBN | : |
Abstract: The important contribution by Basu and Fernald (European Economic Review, 2002, 46) shows that, in practice, there is a statistically significant gap between aggregate productivity and technology that can be attributed to inefficient product and labour markets. This is important, as it implies that the Solow residual is an imperfect index for aggregate technology change. We take a related approach and find that when we control for capacity utilization, time varying markup and account for externalities between industries, by employing a superior system estimator, the gap between the aggregate productivity and technology is shown to narrow considerably
Author | : Jesus Felipe |
Publisher | : Edward Elgar Publishing |
Total Pages | : 400 |
Release | : 2013-10-31 |
Genre | : Business & Economics |
ISBN | : 1782549684 |
This authoritative and stimulating book represents a fundamental critique of the aggregate production function, a concept widely used in macroeconomics.
Author | : Erling Holmøy |
Publisher | : |
Total Pages | : 35 |
Release | : 1997 |
Genre | : |
ISBN | : |
Author | : Mr.Pau Rabanal |
Publisher | : International Monetary Fund |
Total Pages | : 68 |
Release | : 2004-12-01 |
Genre | : Business & Economics |
ISBN | : 1451875657 |
Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.
Author | : Rolf Färe |
Publisher | : Springer Science & Business Media |
Total Pages | : 168 |
Release | : 2010-06-02 |
Genre | : Business & Economics |
ISBN | : 0387476776 |
This volume brings together leading scholars to make connections between efficiency and a number of diverse areas of current interest to economists. Included are new results concerning aggregation of technical efficiency, sources of productivity growth in U.S. manufacturing, intellectual property rights, and the determinants of successful mergers.
Author | : W. E. Diewert |
Publisher | : |
Total Pages | : 83 |
Release | : 2005 |
Genre | : Electronic books |
ISBN | : 9780642753243 |
Author | : Alistair Dieppe |
Publisher | : World Bank Publications |
Total Pages | : 552 |
Release | : 2021-06-09 |
Genre | : Business & Economics |
ISBN | : 1464816093 |
The COVID-19 pandemic struck the global economy after a decade that featured a broad-based slowdown in productivity growth. Global Productivity: Trends, Drivers, and Policies presents the first comprehensive analysis of the evolution and drivers of productivity growth, examines the effects of COVID-19 on productivity, and discusses a wide range of policies needed to rekindle productivity growth. The book also provides a far-reaching data set of multiple measures of productivity for up to 164 advanced economies and emerging market and developing economies, and it introduces a new sectoral database of productivity. The World Bank has created an extraordinary book on productivity, covering a large group of countries and using a wide variety of data sources. There is an emphasis on emerging and developing economies, whereas the prior literature has concentrated on developed economies. The book seeks to understand growth patterns and quantify the role of (among other things) the reallocation of factors, technological change, and the impact of natural disasters, including the COVID-19 pandemic. This book is must-reading for specialists in emerging economies but also provides deep insights for anyone interested in economic growth and productivity. Martin Neil Baily Senior Fellow, The Brookings Institution Former Chair, U.S. President’s Council of Economic Advisers This is an important book at a critical time. As the book notes, global productivity growth had already been slowing prior to the COVID-19 pandemic and collapses with the pandemic. If we want an effective recovery, we have to understand what was driving these long-run trends. The book presents a novel global approach to examining the levels, growth rates, and drivers of productivity growth. For anyone wanting to understand or influence productivity growth, this is an essential read. Nicholas Bloom William D. Eberle Professor of Economics, Stanford University The COVID-19 pandemic hit a global economy that was already struggling with an adverse pre-existing condition—slow productivity growth. This extraordinarily valuable and timely book brings considerable new evidence that shows the broad-based, long-standing nature of the slowdown. It is comprehensive, with an exceptional focus on emerging market and developing economies. Importantly, it shows how severe disasters (of which COVID-19 is just the latest) typically harm productivity. There are no silver bullets, but the book suggests sensible strategies to improve growth prospects. John Fernald Schroders Chaired Professor of European Competitiveness and Reform and Professor of Economics, INSEAD
Author | : Guillermo Rodriguez |
Publisher | : |
Total Pages | : 310 |
Release | : 1978 |
Genre | : Industrial productivity |
ISBN | : |