This paper is concerned with empirical measurement of patterns of productivity growth by means of competing panel data models of technical change. We argue that short term analysis must rely on models of technical change which are more flexible than the standard time trend model, because biophysical shocks and shifting market conditions lead to shifts in the rate of technical change from year to year. Based on empirical results from an unbalanced panel of 560 Norwegian salmon farms for the period 1985-93 we also find that flexible models of technical change are the most appropriate for short term analysis of productivity growth. Our results indicate that market conditions may be as important as biophysical shocks, such as disease outbreaks and weather shocks, for the estimated rates of productivity growth. Contrary to standard hypotheses in the literature we find a negative relationship between industry price-cost margin and productivity growth, probably due to a reduced level of on-farm innovation and less investments in improved technologies under depressed economic conditions.
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Length: 25 pages Date of creation: 09 Feb 1999 Date of revision: Publication status: Published in International Review of Economics and Business, 2002, pages 367-393. Handle: RePEc:hhs:hastef:0301
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Find related papers by JEL classification: C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity Q12 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
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