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Mesure de la productivité et fluctuations économiques

Listed author(s):
  • Catherine Bruno
  • Lucrezia Reichlin

[eng] This paper analyses the sources of fluctuations of the Solow residual. This is a widely used measure of growth of total factor productivity. The analysis is conducted on data on six sectors manufacturing, energy, market and non-market services, building construction), five OECD countries (France, West Germany, Italy, USA) from 1960 to1983. Results show that fluctuations of the Solow residuals are specific, but common to all the countries considered. Moreover affect all sectors with the same sign. These two features of the dynamics of the residual indicate that its dynamics cannot be explained by shocks originated from the supply side and that measure of productivity growth is contaminated by movements aggregate demand.

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File URL: http://dx.doi.org/doi:10.3406/ofce.1991.1235
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File URL: http://www.persee.fr/doc/ofce_0751-6614_1991_num_35_1_1235
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Article provided by Programme National Persée in its journal Observations et diagnostics économiques : revue de l'OFCE.

Volume (Year): 35 (1991)
Issue (Month): 1 ()
Pages: 57-76

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Handle: RePEc:prs:rvofce:ofce_0751-6614_1991_num_35_1_1235
Note: DOI:10.3406/ofce.1991.1235
Contact details of provider: Web page: http://www.persee.fr/collection/ofce

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  1. Prescott, Edward C., 1986. "Theory ahead of business-cycle measurement," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 25(1), pages 11-44, January.
  2. Domowitz, Ian & Hubbard, R Glenn & Petersen, Bruce C, 1988. "Market Structure and Cyclical Fluctuations in U.S. Manufacturing," The Review of Economics and Statistics, MIT Press, vol. 70(1), pages 55-66, February.
  3. Paul Dubois, 1985. "Ruptures de croissance et progrès technique," Économie et Statistique, Programme National Persée, vol. 181(1), pages 3-31.
  4. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
  5. Hall, Robert E, 1988. "The Relation between Price and Marginal Cost in U.S. Industry," Journal of Political Economy, University of Chicago Press, vol. 96(5), pages 921-947, October.
  6. Rotemberg, Julio J & Woodford, Michael, 1992. "Oligopolistic Pricing and the Effects of Aggregate Demand on Economic Activity," Journal of Political Economy, University of Chicago Press, vol. 100(6), pages 1153-1207, December.
  7. Long, John B, Jr & Plosser, Charles I, 1983. "Real Business Cycles," Journal of Political Economy, University of Chicago Press, vol. 91(1), pages 39-69, February.
  8. Robert E. Hall, 1989. "Invariance Properties of Solow's Productivity Residual," NBER Working Papers 3034, National Bureau of Economic Research, Inc.
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