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New International Comparisons Of Productivity Performance: A Sectoral Analysis And A Comparison Of Uk Performance

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  • Jim Malley
  • Anton Muscatelli
  • Ulrich Woitek

Abstract

In this paper we present several new measures of gross-output-based total factor (multifactor) productivity (TFP) at the sectoral level for manufacturing industries in the G7 economies. We calculate measures of both total factor productivity growth and comparative productivity levels. These are obtained by combining conventional OECD sectoral data on labour and capital inputs with data on intermediate inputs from national input-output tables. Additionally, we derive cyclically corrected measures of TFP growth that avoid the distortions contained in traditional measures of productivity growth. Consequently we argue that our measures provide a more accurate description of the underlying rate of productivity growth in the G7 economies. Our evidence shows little convergence of productivity in other G7 countries to US levels. A key conclusion from the UK’s perspective is that in manufacturing, the productivity gap with other major industrialised countries, especially the USA and Germany, is bigger than has been reported in other recent studies (O’Mahony, 1999, HM Treasury, 2000).

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Bibliographic Info

Paper provided by Business School - Economics, University of Glasgow in its series Working Papers with number 2000_17.

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Date of creation: Dec 2000
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Handle: RePEc:gla:glaewp:2000_17

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  1. Susanto Basu & John Fernald, 2000. "Why is productivity procyclical? Why do we care?," Working Paper Series WP-00-11, Federal Reserve Bank of Chicago.
  2. Oulton,Nicholas & O'Mahony,Mary, 1994. "Productivity and Growth," Cambridge Books, Cambridge University Press, number 9780521453455.
  3. Caves, Douglas W & Christensen, Laurits R & Diewert, W Erwin, 1982. "Multilateral Comparisons of Output, Input, and Productivity Using Superlative Index Numbers," Economic Journal, Royal Economic Society, vol. 92(365), pages 73-86, March.
  4. Harrigan, James, 1999. "Estimation of cross-country differences in industry production functions," Journal of International Economics, Elsevier, vol. 47(2), pages 267-293, April.
  5. Burnside, A Craig & Eichenbaum, Martin & Rebelo, Sérgio, 1995. "Capital Utilization and Returns to Scale," CEPR Discussion Papers 1221, C.E.P.R. Discussion Papers.
  6. Susanto Basu & Miles S. Kimball, 1997. "Cyclical Productivity with Unobserved Input Variation," NBER Working Papers 5915, National Bureau of Economic Research, Inc.
  7. Charles R. Hulten, 2000. "Total Factor Productivity: A Short Biography," NBER Working Papers 7471, National Bureau of Economic Research, Inc.
  8. Ramey, Valerie A, 1989. "Inventories as Factors of Production and Economic Fluctuations," American Economic Review, American Economic Association, vol. 79(3), pages 338-54, June.
  9. Keith E. Maskus, 1991. "Comparing International Trade Data and Product and National Characteristics Data for the Analysis of Trade Models," NBER Chapters, in: International Economic Transactions: Issues in Measurement and Empirical Research, pages 17-60 National Bureau of Economic Research, Inc.
  10. Jim Malley & Anton Muscatelli & Ulrich Woitek, 1998. "The Interaction Between Business Cycles and Productivity Growth: Evidence from US Industrial Data," Working Papers 9805, Business School - Economics, University of Glasgow, revised Oct 1998.
  11. Caballero, R.J. & Lyons, R.K., 1991. "External Effects in U.S. Procyclical Productivity," Papers 91-19, Columbia - Graduate School of Business.
  12. repec:fth:harver:1487 is not listed on IDEAS
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