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Agricultural productivity in the United States: catching-up and the business cycle

  • V. Eldon Ball

    ()

  • Carlos San Juan Mesonada
  • Camilo A. Ulloa

This paper examines the relation between the business cycle and convergence in levels of total factor productivity (TFP) across states. First, we find evidence of convergence in TFP levels across the different phases of the business cycle, but the speed of convergence was much greater during periods of contraction in economic activity than during periods of expansion. Second, we find that technology embodied in capital was an important source of productivity growth in agriculture. As with the rate of catch-up, the embodiment effect was much stronger during low economic activity phases of the business cycle.

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File URL: http://e-archivo.uc3m.es/bitstream/10016/11809/1/we1116.pdf
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Paper provided by Universidad Carlos III, Departamento de Economía in its series Economics Working Papers with number we1116.

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Date of creation: Jun 2011
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Handle: RePEc:cte:werepe:we1116
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