全球智库信息集成服务系统(G2TT): DP15402 Measuring TFP: The Role of Profits, Adjustment Costs, and Capacity Utilization

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP15402
	DP15402 Measuring TFP: The Role of Profits, Adjustment Costs, and Capacity Utilization
	diego comin; Tom Schmitz; Antonella Trigari
发表日期	2020-10-22
出版年	2020
语种	英语
摘要	Standard methods for estimating total factor productivity (TFP) growth assume that economic profits are zero and adjustment costs are negligible. Moreover, following the seminal contribution of Basu, Fernald and Kimball (2006), they use changes in hours per worker as a proxy for unobserved changes in capacity utilization. In this paper, we propose a new estimation method that accounts for non-zero profits, structurally estimates adjustment costs, and relies on a utilization proxy from firm surveys. We then compute industry-level and aggregate TFP growth rates for the United States and five European countries, for the period 1995-2016. In the United States, our results suggest that the recent slowdown of TFP growth was more gradual than previously thought. In Europe, we find that TFP was essentially flat during the Great Recession, while standard methods suggest a substantial decrease. These differences are driven by profits in the United States, and by profits and our new utilization proxy in Europe.
主题	International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations
URL	https://cepr.org/publications/dp15402-0
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/544387
推荐引用方式 GB/T 7714	diego comin,Tom Schmitz,Antonella Trigari. DP15402 Measuring TFP: The Role of Profits, Adjustment Costs, and Capacity Utilization. 2020.