This paper presents alternative specifications of the production functions of a large panel of Swedish firms for the period 1992-2000. The period can be characterized as a transition when long-run productivity growth in the Swedish economy improved from being among the weakest to one of the strongest within the OECD. In order to present a detailed exploration of this dramatic change, the time trend and general index models are applied to estimate total factor productivity (TFP) growth, rate of technical change and returns to scale. The models are extended to allow for firm-specific as well as time-varying technical change. The parametric TFP measures are also compared with the non-parametric Solow residual, and several hypotheses are tested to explain the growth patterns in the Swedish economy. It is found that the improved growth rate, initially starting in large exporting manufacturing firms, after a deep economic crisis at the beginning of the 1990s, spilled over to the rest of the economy, both manufacturing and services.
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Paper provided by Seoul National University, Technology Management, Economics and Policy Program(TEMEP) in its series Discussion Papers with number
200912.
Find related papers by JEL classification: C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation and Testing C67 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Input-Output Models D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General L80 - Industrial Organization - - Industry Studies: Services - - - General O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General
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