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Mapping Prices into Productivity in Multisector Growth Models

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Author Info
L. Rachel Ngai
Roberto M. Samaniego

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Abstract

Two issues related to mapping a multi-sector model into a reduced-form value-added modelare often neglected: the composition of intermediate goods, and the distinction between valueadded productivity and gross output productivity. We demonstrate their quantitativesignificance for the case of the well known model of Greenwood, Hercowitz and Krusell(1997), who find that about 60% of economic growth can be attributed to investment-specifictechnical change (ISTC). When we recalibrate their model to allow for even a smallequipment share of intermediates, we find that ISTC accounts for almost the entirety of postwarUS growth.

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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0869.

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Date of creation: May 2008
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Handle: RePEc:cep:cepdps:dp0869

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Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP

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Related research
Keywords: Intermediate goods; investment-specific technical change; growth accounting; gross output; multisector growth models;

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Find related papers by JEL classification:
E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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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.:
  1. L. Rachel Ngai & Christopher A. Pissarides, 2008. "Employment Outcomes in the Welfare State," CEP Discussion Papers dp0856, Centre for Economic Performance, LSE. [Downloadable!]
  2. Kevin D. Sheedy, 2007. "Inflation Persistence When Price Stickiness Differs Between Industries," CEP Discussion Papers dp0838, Centre for Economic Performance, LSE. [Downloadable!]
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This page was last updated on 2009-11-18.

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