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General Equilibrium Analysis of International TFP Growth Rates

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  • Victoria Shestalova
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    Abstract

    The paper presents a study of the total factor productivity (TFP) performance among developed countries between 1985 and 1990. The analysis includes the three large economies: the US, Japan and Europe. A general equilibrium model of these economies is used to estimate TFP growth at the sectoral and at the aggregate levels. The model is based on the fundamentals of the economies and employs only data on input-output flows, factor inputs across sectors, consumption and trade patterns and endowments. Prices are endogenous in the model. They are obtained as shadow prices from the model's linear program and then used to measure TFP growth and decompose it in a technical change effect, a demand effect and a terms-of-trade effect. The technical change effect is highly correlated with the conventional Solow residual measure. This result lends support to the standard measure of technological change.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/09535310120089770
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Economic Systems Research.

    Volume (Year): 13 (2001)
    Issue (Month): 4 ()
    Pages: 391-404

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    Handle: RePEc:taf:ecsysr:v:13:y:2001:i:4:p:391-404

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    Web page: http://www.tandfonline.com/CESR20

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    Related research

    Keywords: Total Factor Productivity Growth; Input-OUTPUT Tables; Equilibrium;

    References

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    1. Pirkko Aulin-Ahmavaara, 1999. "Effective Rates of Sectoral Productivity Change," Economic Systems Research, Taylor & Francis Journals, vol. 11(4), pages 349-363.
    2. Thijs Ten Raa & Pierre Mohnen, 2001. "The Location of Comparative Advantages on the Basis of Fundamentals Only," Economic Systems Research, Taylor & Francis Journals, vol. 13(1), pages 93-108.
    3. Erik Dietzenbacher & Bart Los, 1998. "Structural Decomposition Techniques: Sense and Sensitivity," Economic Systems Research, Taylor & Francis Journals, vol. 10(4), pages 307-324.
    4. Pierre Mohnen & Thijs Ten Raa, 1999. "Sources of Productivity Growth: Technology, Terms of Trade, and Preference Shifts," CIRANO Working Papers 99s-21, CIRANO.
    5. Raa, Thijs ten & Wolff, Edward N., 1991. "Secondary products and the measurement of productivity growth," Regional Science and Urban Economics, Elsevier, vol. 21(4), pages 581-615, December.
    6. M. L. Weitzman, 1974. "On the Welfare Significance of National Product in Dynamic Economy," Working papers 125, Massachusetts Institute of Technology (MIT), Department of Economics.
    7. Wolff, Edward N., 1994. "Productivity measurement within an input-output framework," Regional Science and Urban Economics, Elsevier, vol. 24(1), pages 75-92, February.
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    Cited by:
    1. Prieto, Angel M. & Zofio, Jose L., 2007. "Network DEA efficiency in input-output models: With an application to OECD countries," European Journal of Operational Research, Elsevier, vol. 178(1), pages 292-304, April.
    2. Thijs Raa & Victoria Shestalova, 2011. "The Solow residual, Domar aggregation, and inefficiency: a synthesis of TFP measures," Journal of Productivity Analysis, Springer, vol. 36(1), pages 71-77, August.

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