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Solow residuals without capital stocks

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  • Burda, Michael C.
  • Severgnini, Battista

Abstract

We use synthetic data generated by a prototypical stochastic growth model to assess the accuracy of the Solow residual (Solow, 1957) as a measure of total factor productivity (TFP) growth when the capital stock in use is measured with error. We propose two alternative measurements based on current investment expenditures: one eliminates the capital stock by direct substitution, while the other employs generalized differences of detrended data and the Malmquist index. In short samples, these measures can exhibit consistently lower root mean squared errors than the Solow–Törnqvist counterpart. Capital measurement problems are particularly severe for economies still far from their steady state. This drawback of the Solow residual is thus most acute in applications in which its accuracy is most highly valued. As an application, we compute and compare TFP growth measures for developing countries in the Heston–Summers dataset.

Suggested Citation

  • Burda, Michael C. & Severgnini, Battista, 2014. "Solow residuals without capital stocks," Journal of Development Economics, Elsevier, vol. 109(C), pages 154-171.
  • Handle: RePEc:eee:deveco:v:109:y:2014:i:c:p:154-171
    DOI: 10.1016/j.jdeveco.2014.03.007
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    3. Yu, Bolin & Fang, Debin & Pan, Yuling & Jia, Yunxia, 2023. "Countries’ green total-factor productivity towards a low-carbon world: The role of energy trilemma," Energy, Elsevier, vol. 278(PB).
    4. Rongrong Xu & Yongxiang Wu & Ming Chen & Xuan Zhang & Wei Wu & Long Tan & Gaoxu Wang & Yi Xu & Bing Yan & Yuedong Xia, 2019. "Calculation of the contribution rate of China’s hydraulic science and technology based on a feedforward neural network," PLOS ONE, Public Library of Science, vol. 14(9), pages 1-22, September.
    5. Gui Ye & Yuhe Wang & Yuxin Zhang & Liming Wang & Houli Xie & Yuan Fu & Jian Zuo, 2019. "Impact of Migrant Workers on Total Factor Productivity in Chinese Construction Industry," Sustainability, MDPI, vol. 11(3), pages 1-18, February.
    6. Yuanjun GE & Fa-Hsiang CHANG, 2021. "Productivity growth in Chinese cities: The agglomeration effect for cross-regional industrial structures," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(4(629), W), pages 91-104, Winter.
    7. Pan, Wenrong & Xie, Tao & Wang, Zhuwang & Ma, Lisha, 2022. "Digital economy: An innovation driver for total factor productivity," Journal of Business Research, Elsevier, vol. 139(C), pages 303-311.
    8. Paul E. Brockway & Matthew K. Heun & João Santos & John R. Barrett, 2017. "Energy-Extended CES Aggregate Production: Current Aspects of Their Specification and Econometric Estimation," Energies, MDPI, vol. 10(2), pages 1-23, February.
    9. Angulo, Laura & Godínez, Raúl & López, Axsell, 2020. "60 años de productividad: Enfoques para su estimación en Nicaragua [60 years of productivity: Approaches to its estimation in Nicaragua]," MPRA Paper 104943, University Library of Munich, Germany.
    10. Donadelli, M. & Paradiso, A. & Livieri, G., 2019. "Adding cycles into the neoclassical growth model," Economic Modelling, Elsevier, vol. 78(C), pages 162-171.
    11. Burda, Michael C. & Severgnini, Battista, 2018. "Total factor productivity convergence in German states since reunification: Evidence and explanations," Journal of Comparative Economics, Elsevier, vol. 46(1), pages 192-211.
    12. Manca, Fabio, 2010. "Technology catch-up and the role of institutions," Journal of Macroeconomics, Elsevier, vol. 32(4), pages 1041-1053, December.
    13. Zoran Boroviæ & Mladen Rebiæ & Dalibor Tomaš, 2020. "Total factor productivity drivers in the selected EU countries: Cointegration approach," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 38(1), pages 295-315.
    14. Michael C. Burda & Battista Severgnini, "undated". "TFP Convergence in German States since Reunification: Evidence and Explanations," SFB 649 Discussion Papers SFB649DP2015-054, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.

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    More about this item

    Keywords

    Total factor productivity; Solow residual; Measurement error; Malmquist index;
    All these keywords.

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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