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Estimation of total factor productivity: an analysis of companies in the manufacturing sector in Peru, 2002-2019

Author

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  • Mario Tello

    (Pontificia Universidad Católica de Perú)

Abstract

This paper estimates and performs a comparative analysis of five methods for estimating the total factorial productivity (TFP) of manufacturing companies in Peru, period 2002-2019. These methods resolve four limitations of the standard OLS estimates of TFP: the simultaneity bias, the 'attrition' bias (or movement of firms), the bias due to the omission of the prices of the companies' products, and multicollinearity between factors of production. The main database for the estimates is the INEI Annual Economic Survey of Companies (INEI-EEA 2024). Among the results that stand out from the estimates are, on the one hand, the increase in the average annual index of the TFP of the sample of companies at an annual variation rate of 5% in the period 2003-2019. On the other hand, the rate of growth of the TFP of companies is associated with the terms of trade and to a much lesser extent with trade agreements.

Suggested Citation

  • Mario Tello, 2024. "Estimation of total factor productivity: an analysis of companies in the manufacturing sector in Peru, 2002-2019," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 102, pages 51-91, November.
    • Handle: RePEc:lde:journl:y:2024:i:102:p:51-91
    DOI: 10.17533/udea.le.n102a356837
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    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General

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