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Multifactor Productivity and Labour Quality in Italy, 1981-2000

  • Andrea Brandolini

    ()

    (Bank of Italy, Economic Research Department)

  • Piero Cipollone

    ()

    (Bank of Italy, Economic Research Department)

We investigate how the evidence for Italy from simple growth accounting exercises is modified by more accurate measurements of inputs. We describe the dynamics of total factor productivity in the last 20 years in Italy, and review theoretical and measurement issues that complicate the picture emerging from this simple exercise. We adjust the labour input for its composition and verify its impact on estimated multifactor productivity in the whole economy. We replicate the labour-quality adjustment for the industrial sector together with corrections for hours worked and capital utilisation. We find that a sizeable part of the observed growth of total factor productivity vanishes when these adjustments are applied. They are not sufficient, however, to overturn the evidence of a productivity slowdown in the Italian economy in the second half of the 1990s.

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Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Temi di discussione (Economic working papers) with number 422.

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Date of creation: Oct 2001
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Handle: RePEc:bdi:wptemi:td_422_00
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Web page: http://www.bancaditalia.it

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  1. Andrea Bassanini & Stefano Scarpetta & Ignazio Visco, 2000. "Knowledge, Technology and Economic Growth: Recent Evidence from OECD Countries," OECD Economics Department Working Papers 259, OECD Publishing.
  2. Zvi Griliches, 1996. "The Discovery of the Residual: A Historical Note," Journal of Economic Literature, American Economic Association, vol. 34(3), pages 1324-1330, September.
  3. Andrea Brandolini & Piero Cipollone & Paolo Sestito, 2001. "Earnings Dispersion, Low Pay and Household Poverty in Italy, 1977-1998," Temi di discussione (Economic working papers) 427, Bank of Italy, Economic Research and International Relations Area.
  4. Stefano Scarpetta & Andrea Bassanini & Dirk Pilat & Paul Schreyer, 2000. "Economic Growth in the OECD Area: Recent Trends at the Aggregate and Sectoral Level," OECD Economics Department Working Papers 248, OECD Publishing.
  5. Andreas Hornstein, 1999. "Growth accounting with technological revolutions," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 1-22.
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