Characterizing Technical Progress
AbstractIs there an aggregate technical shock? Is the growth rate of TFP a positive constant buffeted by random shocks? We use data on the Spanish economy, disaggregated by sector and region, from two different data sets to investigate the nature of technical change. Our results show that technical change is sector-specific, and operates at the national level. We also find that TFP growth rates are far from being constant. Thus, our findings contradict the basic assumption underlying the model of "Kapital, Labour and exogenous Aggregate TFP". We discuss the role of embodied technical change as a source of observed TFP growth. We also find no role for “broad externalities” as a determinant of TFP growth.
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Bibliographic InfoPaper provided by Universidad Carlos III, Departamento de Economía in its series Economics Working Papers with number we053822.
Date of creation: May 2005
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-06-05 (All new papers)
- NEP-DEV-2005-06-05 (Development)
- NEP-DGE-2005-06-05 (Dynamic General Equilibrium)
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.:
- Mas Ivars Matilde & Pérez García Francisco & Uriel Jiménez Ezequiel, 2005. "El stock de capital en España y su distribución territorial (1964-2002)," Books, Fundacion BBVA / BBVA Foundation, edition 0, number 201146.
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