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Productivity growth in Australian manufacturing: a vintage capital model

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  • Bloch, Harry
  • Madden, Gary G

Abstract

Recent contributions by Hulten (1992) and Gort et al. (1993) indicate a renewed interest in using capital-embodied technology models to understand the sources of productivity growth. An advantage of models with capital-embodied technology is that current productivity is related to the prior time path of investment. This provides a potential dynamic link between past market conditions and current productivity performance. In particular, models with capital-embodied technology provide a possible explanation for the positive relationship between productivity growth and the rate of investment, particularly investment in capital equipment, found in cross-country studies (see, for example, Wolff (1991) and De Long and Summers (1992)). Regressions in the form of the relationships derived from the analysis are estimated using data for a cross-section of Australian manufacturing industries. Variables suggested by the analysis of the vintage capital model contribute significantly to the explanation of differences in average labour productivity growth across the sample industries. However, specific restrictions on coefficient values derived from the analysis are rejected by the regression results. The implications of this mixed support for the application of the vintage capital model to explaining labour productivity growth in Australian manufacturing are discussed

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13003.

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Date of creation: 1995
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Publication status: Published in International Journal of Manpower 1.16(1995): pp. 22-31
Handle: RePEc:pra:mprapa:13003

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Keywords: Australian manufacturing; productivity growth;

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  1. Charles R. Hulten, 1992. "Growth Accounting When Technical Change is Embodied in Capital," NBER Working Papers 3971, National Bureau of Economic Research, Inc.
  2. Hulten, Charles R, 1992. "Growth Accounting When Technical Change Is Embodied in Capital," American Economic Review, American Economic Association, vol. 82(4), pages 964-80, September.
  3. J. Bradford DeLong & Lawrence H. Summers, 1992. "Equipment Investment and Economic Growth: How Strong Is the Nexus?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(2), pages 157-212.
  4. Intriligator, Michael D, 1992. " Productivity and the Embodiment of Technical Progress," Scandinavian Journal of Economics, Wiley Blackwell, vol. 94(0), pages S75-87, Supplemen.
  5. Wolff, Edward N, 1991. "Capital Formation and Productivity Convergence over the Long Term," American Economic Review, American Economic Association, vol. 81(3), pages 565-79, June.
  6. McHugh, Richard & Lane, Julia, 1987. "The Age of Capital, the Age of Utilized Capital, and Tests of the Embodiment Hypothesis," The Review of Economics and Statistics, MIT Press, vol. 69(2), pages 362-67, May.
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Cited by:
  1. Neil Dias Karunaratne, 2007. "Microeconomic Reform and Technical Efficiency in Australian Manufacturing," Discussion Papers Series 345, School of Economics, University of Queensland, Australia.

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