| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7990 |
| DP7990 Solow Residuals without Capital Stocks | |
| Michael Burda; Battista Severgnini | |
| 发表日期 | 2010-09-01 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Using synthetic data generated by a prototypical stochastic growth model, we explore the quantitative extent of measurement error of the Solow residual (Solow 1957) as a measure of total factor productivity (TFP) growth when the capital stock is measured with error and when capacity utilization and depreciation are endogenous. We propose two alternative measurements of TFP growth which do not require capital stocks: one measure eliminates the capital stock by direct substitution, while the other is based on generalized differences of detrended data and the Malmquist index. The root mean squared errors of these alternatives are as low as one third of those for the Solow-Tornqvist residual. Our comparative evaluations on artificial data indicate that measurement problems are severe, in particular for economies still far from their steady state. This drawback of the Solow residual is thus most acute in applications in which its accuracy is most highly valued. As an application, we compute and compare TFP growth estimates using data from the new and old German federal states. |
| 主题 | International Macroeconomics |
| 关键词 | Malmquist index Measurement error Solow residual Total factor productivity |
| URL | https://cepr.org/publications/dp7990 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536827 |
| 推荐引用方式 GB/T 7714 | Michael Burda,Battista Severgnini. DP7990 Solow Residuals without Capital Stocks. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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