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Measuring TFP: The role of profits, adjustment costs, and capacity utilization

Author

Listed:
  • Diego Comin

    (Dartmouth and CEPR)

  • Javier Quintana

    (Banco de España)

  • Tom Schmitz

    (Bocconi University)

  • Antonella Trigari

    (Bocconi University)

Abstract

Desarrollamos un nuevo método de estimación del crecimiento de la productividad total de los factores (PTF) a nivel tanto sectorial como agregado. Nuestro método tiene en cuenta tanto beneficios como costes de ajuste y usa encuestas empresariales para aproximar cambios en la intensidad de la utilización de factores. Usándolo para estimar tasas de crecimiento de la TFP para Estados Unidos y cinco economías europeas desde principios de la década de los noventa, obtenemos resultados sustancialmente distintos de los producidos por metodologías estándar [es decir, la contabilidad de crecimiento de Solow y el método con ajustes de utilización de Basu, Fernald y Kimball (2006)]. Para cada economía europea, nuestras series de PTF son menos volátiles y menos cíclicas que las series estándar, con notables diferencias durante la Gran Recesión y la crisis de la zona del euro. En los Estados Unidos, nuestro método señala, en general, un mayor crecimiento de la PTF y una ralentización más gradual de la productividad.

Suggested Citation

  • Diego Comin & Javier Quintana & Tom Schmitz & Antonella Trigari, 2021. "Measuring TFP: The role of profits, adjustment costs, and capacity utilization," Working Papers 2143, Banco de España.
    • Handle: RePEc:bde:wpaper:2143
    as

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    References listed on IDEAS

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    More about this item

    Keywords

    productivity; business cycle; capacity utilization; profit margins; adjustment costs;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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