Accounting for Growth with New Inputs
This paper examines the aggregate production function in an economy characterized by the creation of new, intermediate inputs. The authors show how growth can be decomposed into changes in higher quantities of existing inputs and a greater range of inputs. Indexes of total factor productivity would reflect the latter. The authors construct a dynamic monopolistic-competition model in which products are endogenously introduced and simulate that model to produce artificial data. When used in standard growth-accounting regressions, the data can appear to be generated by an economy with exogenous technical change and (approximately) constant returns to primary factors. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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|Date of creation:||1991|
|Date of revision:|
|Contact details of provider:|| Postal: UNIVERSITY OF CALIFORNIA DAVIS, INSTITUTE OF GOVERNMENTAL AFFAIRS, RESEARCH PROGRAM IN APPLIED MACROECONOMICS AND MACRO POLICY, DAVIS CALIFORNIA 95616 U.S.A.|
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- D. W. Jorgenson & Z. Griliches, 1967. "The Explanation of Productivity Change," Review of Economic Studies, Oxford University Press, vol. 34(3), pages 249-283.
- Jess Benhabib & Boyan Jovanovic, 1989.
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NBER Working Papers
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- Solow, Robert M, 1988.
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American Economic Review,
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- Robert C. Feenstra, 1991.
"New Goods and Index Numbers: U.S. Import Prices,"
NBER Working Papers
3610, National Bureau of Economic Research, Inc.
- L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
- Feenstra, Robert C & Markusen, James R & Zeile, William, 1992. "Accounting for Growth with New Inputs: Theory and Evidence," American Economic Review, American Economic Association, vol. 82(2), pages 415-21, May.
- Markusen, James R, 1989. "Trade in Producer Services and in Other Specialized Intermediate Inputs," American Economic Review, American Economic Association, vol. 79(1), pages 85-95, March.
- Ethier, Wilfred J, 1982. "National and International Returns to Scale in the Modern Theory of International Trade," American Economic Review, American Economic Association, vol. 72(3), pages 389-405, June.
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