IDEAS home Printed from https://ideas.repec.org/a/prs/rvofce/ofce_0751-6614_1991_num_35_1_1235.html
   My bibliography  Save this article

Mesure de la productivité et fluctuations économiques

Author

Listed:
  • Catherine Bruno
  • Lucrezia Reichlin

Abstract

[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. [fre] Cet article propose une étude empirique des sources de fluctuations d'une mesure de la variation de la productivité totale des facteurs que nous appelons résidu de croissance. L'étude est menée pour six secteurs d'activité (agriculture, industrie, énergie, services marchands et non marchands, bâtiment et travaux publics) de cinq pays de l'OCDE (France, RFA, Italie, Japon, Etats-Unis) sur une période allant de 1960 à 1983. La méthode utilisée est celle de la décomposition de variance qui permet de déterminer si les sources de variation du résidu de croissance sont d'origine sectorielle ou nationale. Les résultats montrent que les fluctuations du résidu de croissance sont, d'une part, majoritairement d'origine sectorielle internationale et, d'autre part, similaires d'un secteur à l'autre. Ce second résultat témoigne du fait que la dynamique sectorielle internationale du résidu de croissance intègre des mouvements agrégés (communs aux pays et aux secteurs d'activité) qui prennent leur source du côté de la demande. Nous en concluons que le résidu de croissance est influencé par la demande. Ce fait incite à reconsidérer les conclusions de certains travaux récents qui, à partir de l'étude d'une mesure de la variation de la productivité totale des facteurs contaminée par la demande, valident des théories économiques purement réelles du cycle.

Suggested Citation

  • Catherine Bruno & Lucrezia Reichlin, 1991. "Mesure de la productivité et fluctuations économiques," Revue de l'OFCE, Programme National Persée, vol. 35(1), pages 57-76.
  • Handle: RePEc:prs:rvofce:ofce_0751-6614_1991_num_35_1_1235
    Note: DOI:10.3406/ofce.1991.1235
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ofce.1991.1235
    Download Restriction: no

    File URL: https://www.persee.fr/doc/ofce_0751-6614_1991_num_35_1_1235
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    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. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
    3. 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.
    4. 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.
    5. Robert E. Hall, 1989. "Invariance Properties of Solow's Productivity Residual," NBER Working Papers 3034, National Bureau of Economic Research, Inc.
    6. 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.
    7. Paul Dubois, 1985. "Ruptures de croissance et progrès technique," Économie et Statistique, Programme National Persée, vol. 181(1), pages 3-31.
    8. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Catherine Bruno & Franck Portier, 1993. "Cycle réel, représentation VAR et ouverture de l'économie française," Revue de l'OFCE, Programme National Persée, vol. 45(1), pages 245-281.
    2. Frédéric Lordon, 1991. "Théorie de la croissance : quelques développements récents [Première partie : la croissance récente]," Revue de l'OFCE, Programme National Persée, vol. 36(1), pages 157-211.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:rvofce:ofce_0751-6614_1991_num_35_1_1235. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE). General contact details of provider: https://www.persee.fr/collection/ofce .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.