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A Univariate Model of Aggregate Labour Productivity

Author

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  • Robert Dixon

    (Department of Economics, The University Melbourne)

  • G. C. Lim

    (Melbourne Institute of Applied Economic and Social Research, The University of Melbourne)

Abstract

In this paper, we set out a model of labour productivity which distinguishes between shocks which change productivity permanently and shocks which have transient affects on productivity. We show that this model is a type of unobserved components model –a random walk with drift plus noise model. The advantage of this approach is that it provides a coherent framework to identify the deterministic trend growth component and also the productivity-enhancing (or technology-related) stochastic components. The model is applied to aggregate labour productivity in Australia and the time series of technology shocks extracted is used to shed some light on the contributions of policy reforms to productivity.

Suggested Citation

  • Robert Dixon & G. C. Lim, 2008. "A Univariate Model of Aggregate Labour Productivity," Melbourne Institute Working Paper Series wp2008n09, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    • Handle: RePEc:iae:iaewps:wp2008n09
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    File URL: http://melbourneinstitute.unimelb.edu.au/downloads/working_paper_series/wp2008n09.pdf
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    Cited by:

    1. Barros, Geraldo Sant´Ana de Camargo & Spolador, Humberto Francisco Silva & Bacchi, Mirian Rumenos Piedade, 2009. "Supply and Demand Shocks and the Growth of the Brazilian Agriculture," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 63(1), April.

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