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Productivity rises in booms and falls in recessions. There are four main explanations for procyclical productivity: (i … are particularly important in explaining procyclical productivity. We argue that the reallocation effects that we identify …
Persistent link: https://www.econbiz.de/10005368278
Explanations of procyclical productivity playa key role in a variety of business-cycle models. Most of these models … aggregate productivity changes into several terms, each of which has an economic interpretation. However, many of these tenus …
Persistent link: https://www.econbiz.de/10005368386
We estimate that returns to scale are close to constant in two-digit gross output data. Value-added data appear instead to give significant increasing returns. We show why, with imperfect competition, value-added estimates are in general meaningless. We use data on intermediate inputs to correct...
Persistent link: https://www.econbiz.de/10005712835
manufacturing sector has little or no significant effect on the productivity of other sectors. Using value-added data, however, we …
Persistent link: https://www.econbiz.de/10005498771
Aggregate productivity and aggregate technology are meaningful but distinct concepts. We show that a slightly …-modified Solow productivity residual measures changes in economic welfare, even when productivity and technology differ because of …-technological gaps between productivity and technology, gaps reflecting imperfections and frictions in output and factor markets …
Persistent link: https://www.econbiz.de/10005498862