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Sources of Australian Labour Productivity Change 1950-1994

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  • Madden, Gary
  • Savage, Scott J

Abstract

This study examines sources of Australian labor productivity change from 1950 to 1994. Time-series data are used to estimate a model capturing the interaction between labor productivity, fixed capital, human capital, telecommunications, trade openness, and international competitiveness. Attention is given to the time-series properties of these data. Augmented Dickey Fuller tests for unit roots are employed, and the sensitivity of the tests to nonlinear transformations and structural breaks are considered. Estimates suggest that policies that promote investment, economic integration, and international competitiveness will improve short-run labor productivity. In the long run, fixed capital accumulation is the dominant source of productivity improvement. Copyright 1998 by The Economic Society of Australia.

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Bibliographic Info

Article provided by The Economic Society of Australia in its journal The Economic Record.

Volume (Year): 74 (1998)
Issue (Month): 227 (December)
Pages: 362-72

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Handle: RePEc:bla:ecorec:v:74:y:1998:i:227:p:362-72

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  1. Blomström, Magnus & Lipsey, Robert E & Zejan, Mario, 1993. "Is Fixed Investment the Key to Economic Growth?," CEPR Discussion Papers 870, C.E.P.R. Discussion Papers.
  2. Zivot, Eric & Andrews, Donald W K, 1992. "Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(3), pages 251-70, July.
  3. Becker, Gary S & Murphy, Kevin M & Tamura, Robert, 1990. "Human Capital, Fertility, and Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S12-37, October.
  4. Aschauer, David Alan, 1989. "Is public expenditure productive?," Journal of Monetary Economics, Elsevier, vol. 23(2), pages 177-200, March.
  5. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  6. De Long, J Bradford & Summers, Lawrence H, 1991. "Equipment Investment and Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 445-502, May.
  7. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December.
  8. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
  9. Otto, Glenn & Voss, Graham M, 1994. "Public Capital and Private Sector Productivity," The Economic Record, The Economic Society of Australia, vol. 70(209), pages 121-32, June.
  10. Wickens, Michael R, 1972. "A Note on the Use of Proxy Variables," Econometrica, Econometric Society, vol. 40(4), pages 759-61, July.
  11. Greenstein, Shane M & Spiller, Pablo T, 1995. "Modern Telecommunications Infrastructure and Economic Activity: An Empirical Investigation," Industrial and Corporate Change, Oxford University Press, vol. 4(4), pages 647-65.
  12. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
  13. McCallum, B T, 1972. "Relative Asymptotic Bias from Errors of Omission and Measurement," Econometrica, Econometric Society, vol. 40(4), pages 757-58, July.
  14. Otto, Glenn & Voss, Graham, 1996. "Public Capital and Private Production in Australia," MPRA Paper 52110, University Library of Munich, Germany.
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Cited by:
  1. Chen, Shunlong & Arun, Thankom G., 2004. "Openness, Technological Capabilities and Regional Disparities in China," Centre on Regulation and Competition (CRC) Working papers 30622, University of Manchester, Institute for Development Policy and Management (IDPM).
  2. Karanassou, Marika & Sala, Hector, 2009. "Labour Market Dynamics in Australia: What Drives Unemployment?," IZA Discussion Papers 3924, Institute for the Study of Labor (IZA).
  3. Amani Elnasri & Kevin J. Fox, 2014. "The Contribution of Research and Innovation to Productivity and Economic Growth," Discussion Papers 2014-08, School of Economics, The University of New South Wales.

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