Observational Equivalence between the Malmquist Index and the Solow Residual for the G-7 Countries
AbstractThis study examines the empirical validity of the equivalence proposition on two productivity indexes, studied by Caves, Christensen, and Diewert (1982). Based on permutation tests, this study shows that the measured Malmquistindex and the Solow residual are observationally equivalent for the U.S., Canada, France, Germany, and Italy. While the Solow residual is predominantly used in the existing macroeconomic studies, findings suggest that the Malmquist index is empirically compatible to the Solow residual.
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Bibliographic InfoPaper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-354.
Length: 9 pages
Date of creation: Jul 2005
Date of revision:
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