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TFP Growth in British and German Manufacturing, 1950-1996

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Nicholas Crafts
Terence C. Mills

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Abstract

This paper considers the accuracy of traditional TFP growth estimates using a methodology that takes account of scale economies, fixed factors of production and adjustment costs to reveal underlying 'pure technological change'. The results suggest that these biases vary substantially over time but do not impact heavily on Anglo-German comparisons. In both countries the early postwar years are a period when adjustment costs from a rising supply price of capital goods hold down TFP growth below that which could have accrued from pure technological progress. As might be expected, this problem largely disappeared in the later globalisation period. Copyright 2005 Royal Economic Society.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0297.2005.01013.x
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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 115 (2005)
Issue (Month): 505 (07)
Pages: 649-670
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Handle: RePEc:ecj:econjl:v:115:y:2005:i:505:p:649-670

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  1. Blundell, Richard & Griffith, Rachel & van Reenen, John, 1999. "Market Share, Market Value and Innovation in a Panel of British Manufacturing Firms," Review of Economic Studies, Blackwell Publishing, vol. 66(3), pages 529-54, July. [Downloadable!] (restricted)
  2. Aghion, Ph. & Dewatripont, M. & Rey, P., 1997. "Corporate governance, competition policy and industrial policy," European Economic Review, Elsevier, vol. 41(3-5), pages 797-805, April. [Downloadable!] (restricted)
  3. Morrison, Catherine J, 1988. "Quasi-Fixed Inputs in U.S. and Japanese Manufacturing: A Generalized Leontief Restricted Cost Function Approach," The Review of Economics and Statistics, MIT Press, vol. 70(2), pages 275-87, May. [Downloadable!] (restricted)
  4. Nicholas Crafts & Mary O'Mahony, 2001. "A perspective on UK productivity performance," Fiscal Studies, Institute for Fiscal Studies, vol. 22(3), pages 271-306, September. [Downloadable!]
  5. Eberly, Janice C., 1997. "International evidence on investment and fundamentals," European Economic Review, Elsevier, vol. 41(6), pages 1055-1078, June. [Downloadable!] (restricted)
  6. James Richmond & Catherine Lynde, 2000. "Cost inefficiencies in UK manufacturing," Economics Discussion Papers 513, University of Essex, Department of Economics.
  7. Nickell, Stephen J, 1996. "Competition and Corporate Performance," Journal of Political Economy, University of Chicago Press, vol. 104(4), pages 724-46, August. [Downloadable!] (restricted)
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  8. Pavitt, Keith & Patel, Pari, 1988. "The International Distribution and Determinants of Technological Activities," Oxford Review of Economic Policy, Oxford University Press, vol. 4(4), pages 35-55, Winter.
  9. Nickell, Stephen & Nicolitsas, Daphne & Dryden, Neil, 1997. "What makes firms perform well?," European Economic Review, Elsevier, vol. 41(3-5), pages 783-796, April. [Downloadable!] (restricted)
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  10. Morrison, Catherine J, 1992. "Unraveling the Productivity Growth Slowdown in the United States, Canada and Japan: The Effects of Subequilibrium, Scale Economies and Markups," The Review of Economics and Statistics, MIT Press, vol. 74(3), pages 381-93, August. [Downloadable!] (restricted)
  11. Darby, Julia & Wren-Lewis, Simon, 1991. "Trends in Labour Productivity in UK Manufacturing," Oxford Economic Papers, Oxford University Press, vol. 43(3), pages 424-42, July. [Downloadable!] (restricted)
  12. Barro, Robert J, 1999. " Notes on Growth Accounting," Journal of Economic Growth, Springer, vol. 4(2), pages 119-37, June. [Downloadable!] (restricted)
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  13. Geroski, P A, 1990. "Innovation, Technological Opportunity, and Market Structure," Oxford Economic Papers, Oxford University Press, vol. 42(3), pages 586-602, July. [Downloadable!] (restricted)
  14. Steve Bond & Costas Meghir, 1994. "Financial constraints and company investment," Fiscal Studies, Institute for Fiscal Studies, vol. 15(2), pages 1-18, May. [Downloadable!]
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