Productivity Growth and the Effects of Recessions
AbstractThe aim of this paper is to study the main determinants of the productivity growth and its interaction with the business cycle. In particular we investigate which variables are responsible for productivity growth and if recessions are associated with a higher or lower pace of productivity improving activities. The results we obtained seem to suggest that i) recessions would be beneficial for productivity growth only if they are transitory and ii) the low explanatory capability of supply variables may be due to the difficulties in matching complex phenomena to very aggregated data. Our conclusion is that due to the embodiment of the technology in capital goods, skills and the organization of work, technology itself usually requires a reallocation of factors of production that is costly to the firm, and such adjustment episodes are often times of crises, during which the opportunity cost of introducing innovation is lower.
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Bibliographic InfoArticle provided by GDE (Giornale degli Economisti e Annali di Economia), Bocconi University in its journal Giornale degli Economisti e Annali di Economia.
Volume (Year): 57 (1998)
Issue (Month): 3-4 (December)
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Web page: http://www.gde.unibocconi.it/
Find related papers by JEL classification:
- D2 - Microeconomics - - Production and Organizations
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- L6 - Industrial Organization - - Industry Studies: Manufacturing
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- G. Atzeni & O. Carboni, 2001. "The economic effects of information technology: firm level evidence from the italian case," Working Paper CRENoS 200114, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
- Lorenzo Carbonari, 2009. "How variable is labor input in the Italian manufacturing: the case of the pharmaceutical industry," CEIS Research Paper 140, Tor Vergata University, CEIS, revised 30 Jun 2009.
- Carbonari, Lorenzo, 2012. "Quasi-fixed inputs in the Italian manufacturing: The case of the pharmaceutical industry," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 25(1), pages 51-69.
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