The age structure of capital plays an important role in the measurement of productivity. It has been argued that the … productivity measurement. A proposition proves that Nelson's (1964) formula is wrong. Our final proposition shows that inclusion of … the vintage effect prompts an upward correction of measured productivity growth in times of an aging stock of capital …

The age structure of capital plays an important role in the measurement of productivity. It has been argued that the … productivity measurement. One proposition proves that Nelson's (1964) formula is only an approximation. Our final proposition shows … that inclusion of the vintage effect prompts an upward correction of measured productivity growth in times of an aging …

The age structure of capital plays an important role in the measurement of productivity. It has been argued that the … productivity measurement. A proposition proves that Nelson's (1964) formula is wrong. Our final proposition shows that inclusion of … the vintage effect prompts an upward correction of measured productivity growth in times of an aging stock of capital …