Sectoral and aggregate technology growth in Spain
AbstractIn this paper we analyze technological change in the Spanish economy by constructing adjusted Solow residuals, where the adjustment attempts to correct for the bias associated with the potential presence of imperfect competition, increasing returns, variable input utilization and, especially, sectoral reallocation of inputs across sectors. We refer to this modified Solow residual as a technology index. Sectoral reallocations and variable input utilization are key determinants of the differences between the aggregate Solow residual and the technology index resulting from the aggregation of estimated sectoral technological growth. We show that starting in the mid nineties, there has been a deceleration in the aggregate growth rate of technology which is basically due to the behaviour of the manufacturing sectors. Finally, our results imply that aggregate technology growth is less volatile than aggregate productivity as measured by the Solow residual. Copyright Springer-Verlag Berlin/Heidelberg 2004
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Bibliographic InfoArticle provided by Springer in its journal Spanish Economic Review.
Volume (Year): 6 (2004)
Issue (Month): 1 (April)
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- Ana Martín-Marcos & Jordi Jaumandreu, 2004. "Entry, exit and productivity growth: Spanish manufacturing during the eighties," Spanish Economic Review, Springer, vol. 6(3), pages 211-226, October.
- Fuentes Castro, Daniel, 2011.
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[Productivity and equity in the Spanish economy from an international perspective (1995-2009)]," MPRA Paper 51611, University Library of Munich, Germany.
- Daniel Montolio & Albert Solé-Ollé, 2009. "Road investment and regional productivity growth: the effects of vehicle intensity and congestion," Papers in Regional Science, Wiley Blackwell, vol. 88(1), pages 99-118, 03.
- Aitor Lacuesta & Sergio Puente & Pilar Cuadrado, 2009. "Omitted variables in the measure of a labour quality index: the case of Spain," Banco de Espaï¿½a Working Papers 0835, Banco de Espa�a.
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