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Mesure de la productivité et fluctuations économiques


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  • Catherine Bruno
  • Lucrezia Reichlin


[eng] This paper analyses the sources of fluctuations of the Solow residual. This is a widely used measure of growth of total factor productivity. The analysis is conducted on data on six sectors manufacturing, energy, market and non-market services, building construction), five OECD countries (France, West Germany, Italy, USA) from 1960 to1983. Results show that fluctuations of the Solow residuals are specific, but common to all the countries considered. Moreover affect all sectors with the same sign. These two features of the dynamics of the residual indicate that its dynamics cannot be explained by shocks originated from the supply side and that measure of productivity growth is contaminated by movements aggregate demand.

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Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 35 (1991)
Issue (Month): 1 ()
Pages: 57-76

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Handle: RePEc:cai:reofsp:reof_p1991_35n1_0057

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