IDEAS home Printed from https://ideas.repec.org/p/boj/bojwps/03-e-1i.html
   My bibliography  Save this paper

Measuring Productivity Growth over the 90s: Is the New Economy Still Alive?

Author

Listed:
  • Ryo Kato

    (Bank of Japan)

  • Hironori Ishizaki

    (Bank of Japan)

Abstract

This paper presents an updated estimation of the total factor productivity (TFP) of the U.S. economy following the two preceding empirical studies, Basu et al. (2001) and Burnside et al. (1995). Based on these two estimation approaches, both of which carefully handle the potential estimation bias stemming from cyclical utilization, we verified that the TFP growth in the late 90s was, to some extent, higher than that in the 80s. Further, our estimation results support the following views; (i) the effect of the higher growth of TFP on the level of output was permanent, however, (ii) the acceleration of growth rate of output was transitory in the sense that the TFP growth rates after 1999 turn out to be nearly the same as those in the 80s and early 90s.

Suggested Citation

  • Ryo Kato & Hironori Ishizaki, 2003. "Measuring Productivity Growth over the 90s: Is the New Economy Still Alive?," Bank of Japan Working Paper Series International Department,, Bank of Japan.
    • Handle: RePEc:boj:bojwps:03-e-1i
    as

    Download full text from publisher

    File URL: http://www.boj.or.jp/en/research/wps_rev/wps_2003/data/iwp03e01.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Chantal Dupasquier & Alain Guay & Pierre St-Amant, 1997. "A Comparison of Alternative Methodologies for Estimating Potential Output and the Output Gap," Staff Working Papers 97-5, Bank of Canada.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    TFP; New Economy; capital utilization;

    JEL classification:

    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

    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:boj:bojwps:03-e-1i. 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: (Bank of Japan). General contact details of provider: http://edirc.repec.org/data/bojgvjp.html .

    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.