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TFP Growth in British and German Manufacturing, 1950-96

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  • Crafts, Nicholas
  • Mills, Terence C

Abstract

The Paper considers the accuracy of traditional TFP growth estimates using an econometric methodology which takes account of scale economies, fixed factors of production and adjustment costs to reveal underlying ‘pure technological change’. The results suggest that these biases vary substantially over time but do not impact heavily on Anglo-German comparisons. In both countries the early post-war years are a period when adjustment costs from a rising supply price of capital goods hold down TFP growth below that which could have accrued from pure technological progress. As might be expected, this problem largely disappeared in the later globalization period.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 3078.

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Date of creation: Nov 2001
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Handle: RePEc:cpr:ceprdp:3078

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Related research

Keywords: adjustment costs; manufacturing; total factor productivity;

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References

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  1. Stephen Nickell, 1993. "Competition and Corporate Performance," CEP Discussion Papers dp0182, Centre for Economic Performance, LSE.
  2. Blundell, Richard & Griffith, Rachel & van Reenen, John, 1999. "Market Share, Market Value and Innovation in a Panel of British Manufacturing Firms," Review of Economic Studies, Wiley Blackwell, vol. 66(3), pages 529-54, July.
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  4. Morrison, Catherine J, 1992. "Unraveling the Productivity Growth Slowdown in the United States, Canada and Japan: The Effects of Subequilibrium, Scale Economies and Markups," The Review of Economics and Statistics, MIT Press, vol. 74(3), pages 381-93, August.
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  7. Morrison, Catherine J, 1988. "Quasi-Fixed Inputs in U.S. and Japanese Manufacturing: A Generalized Leontief Restricted Cost Function Approach," The Review of Economics and Statistics, MIT Press, vol. 70(2), pages 275-87, May.
  8. Barro, Robert J, 1999. " Notes on Growth Accounting," Journal of Economic Growth, Springer, vol. 4(2), pages 119-37, June.
  9. Steve Bond & Costas Meghir, 1994. "Financial constraints and company investment," Fiscal Studies, Institute for Fiscal Studies, vol. 15(2), pages 1-18, May.
  10. Darby, Julia & Wren-Lewis, Simon, 1991. "Trends in Labour Productivity in UK Manufacturing," Oxford Economic Papers, Oxford University Press, vol. 43(3), pages 424-42, July.
  11. Pavitt, Keith & Patel, Pari, 1988. "The International Distribution and Determinants of Technological Activities," Oxford Review of Economic Policy, Oxford University Press, vol. 4(4), pages 35-55, Winter.
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  13. Oulton,Nicholas & O'Mahony,Mary, 1994. "Productivity and Growth," Cambridge Books, Cambridge University Press, number 9780521453455, October.
  14. Eberly, Janice C., 1997. "International evidence on investment and fundamentals," European Economic Review, Elsevier, vol. 41(6), pages 1055-1078, June.
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