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Endogenous depreciation, mismeasurement of aggregate capital, and the productivity slowdown

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Author Info
Mukoyama, Toshihiko

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Abstract

When we allow capital depreciation to be endogenous, the acceleration of investment-specific technological progress can distort the measurement of the aggregate capital stock. Our quantitative exercise shows that this effect may cause a substantial bias in the measurement of total factor productivity and can account for a large portion of the observed productivity slowdown since the 1970s.

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File URL: http://www.sciencedirect.com/science/article/B6X4M-4MD4612-1/1/bf1fc6899a4cd1f2ba7142997ec18d1e
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Publisher Info
Article provided by Elsevier in its journal Journal of Macroeconomics.

Volume (Year): 30 (2008)
Issue (Month): 1 (March)
Pages: 513-522
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Handle: RePEc:eee:jmacro:v:30:y:2008:i:1:p:513-522

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Web page: http://www.elsevier.com/locate/inca/622617

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  1. Tatsuyoshi Miyakoshi & Pekka Ilmakunnas, 2009. "What decreases the TFP ? The aging labor and ICT imbalance," Discussion Papers in Economics and Business 09-03, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP). [Downloadable!]
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