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Productivity Growth and the Effects of Recessions

Author

Listed:
  • Vincenzo Atella

    (University of Rome "Tor Vergata")

  • Beniamino Quintieri

    (University of Rome "Tor Vergata")

Abstract

The aim of this paper is to study the main determinants of the productivity growth and its interaction with the business cycle. In particular we investigate which variables are responsible for productivity growth and if recessions are associated with a higher or lower pace of productivity improving activities. The results we obtained seem to suggest that i) recessions would be beneficial for productivity growth only if they are transitory and ii) the low explanatory capability of supply variables may be due to the difficulties in matching complex phenomena to very aggregated data. Our conclusion is that due to the embodiment of the technology in capital goods, skills and the organization of work, technology itself usually requires a reallocation of factors of production that is costly to the firm, and such adjustment episodes are often times of crises, during which the opportunity cost of introducing innovation is lower.

Suggested Citation

  • Vincenzo Atella & Beniamino Quintieri, 1998. "Productivity Growth and the Effects of Recessions," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 57(3-4), pages 359-386, December.
    • Handle: RePEc:gde:journl:gde_v57_n3-4_p359-386
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    Citations

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    Cited by:

    1. Carbonari, Lorenzo, 2012. "Quasi-fixed inputs in the Italian manufacturing: The case of the pharmaceutical industry," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 25(1), pages 51-69.
    2. Gianfranco E. Atzeni & OA Carboni, 2001. "The economic effects of information technology: firm level evidence from the italian case," Working Paper CRENoS 200114, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
    3. Lorenzo Carbonari, 2009. "How variable is labor input in the Italian manufacturing: the case of the pharmaceutical industry," CEIS Research Paper 140, Tor Vergata University, CEIS, revised 30 Jun 2009.

    More about this item

    Keywords

    Solow residuals; opportunity cost theory; Italian economy;
    All these keywords.

    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • L6 - Industrial Organization - - Industry Studies: Manufacturing

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