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Getting Income Shares Right: A Panel Data Investigation for OECD Countries

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Author Info
Aamer Abu-Qarn () (Department of Economics, Ben-Gurion University of the Negev)
Suleiman Abu-Bader () (Department of Economics, Ben-Gurion University of the Negev)

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Abstract

In this paper we reassess the conventional measure of the capital share in income by estimating the shares of inputs in income for 23 OECD countries for the period 1960-2003 utilizing panel data techniques. A share of physical capital of over 0.50, and not one-third as commonly accepted, is found to be robust to a variety of specifications of the production function and the econometric models used. Additionally, we find that following the first oil shock the share of physical capital dropped while the share of human capital rose. Consequently, using the conventional shares may have led to overstating the severity of the post-1973 productivity slowdown.

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Publisher Info
Paper provided by Ben-Gurion University of the Negev, Department of Economics in its series Working Papers with number 228.

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Length: 34 pages
Date of creation: 2006
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Handle: RePEc:bgu:wpaper:228

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Related research
Keywords: OECD; Shares of Inputs; Growth Accounting; TFP; Panel Data;

Find related papers by JEL classification:
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  1. Dreher, A. & Méon, P. & Schneider, F., 2007. "The devil is in the shadow Do institutions affect income and productivity or only official income and official productivity?," Cambridge Working Papers in Economics 0768, Faculty of Economics, University of Cambridge. [Downloadable!]
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