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US TFP Growth and the Contribution of Changes in Export and Import Prices to Real Income Growth

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  • Diewert, Erwin

Abstract

Using recent data from the Bureau of Economic Analysis (BEA), the Bureau of Labour Statistics (BLS), the Board of Governors of the Federal Reserve System and the US Department of Agriculture, the paper uses a data set that covers the outputs produced and inputs used by an Extended Private Sector of the US economy for the years 1987-2011. The Extended Private Sector (EBS) consists of the entire US economy less the inputs used and outputs produced by the Public Administration sector and less the US housing sector. The study found that Multifactor Productivity (MFP) growth in the EBS averaged 1.157% per year, somewhat higher than BLS MFP growth in the Private Sector which averaged 0.962% per year. The study also produced estimates of MFP where a net output concept was used.

Suggested Citation

  • Diewert, Erwin, 2013. "US TFP Growth and the Contribution of Changes in Export and Import Prices to Real Income Growth," Economics working papers erwin_diewert-2013-2, Vancouver School of Economics, revised 11 Jan 2013.
  • Handle: RePEc:ubc:bricol:erwin_diewert-2013-2
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    File URL: http://faculty.arts.ubc.ca/ediewert/dp1302.pdf
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    References listed on IDEAS

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    1. D. W. Jorgenson & Z. Griliches, 1967. "The Explanation of Productivity Change," Review of Economic Studies, Oxford University Press, vol. 34(3), pages 249-283.
    2. Robert B. Archibald, 1977. "On the Theory of Industrial Price Measurement Output Price Indexes," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 6, number 1, pages 57-72, National Bureau of Economic Research, Inc.
    3. Kohli, Ulrich, 2004. "Real GDP, real domestic income, and terms-of-trade changes," Journal of International Economics, Elsevier, vol. 62(1), pages 83-106, January.
    4. Diewert W.Erwin, 2010. "User Costs versus Waiting Services and Depreciation in a Model of Production," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 230(6), pages 759-771, December.
    5. Sato, Kazuo, 1976. "The Meaning and Measurement of the Real Value Added Index," The Review of Economics and Statistics, MIT Press, vol. 58(4), pages 434-442, November.
    6. Ulrich R. Kohli, 1978. "A Gross National Product Function and the Derived Demand for Imports and Supply of Exports," Canadian Journal of Economics, Canadian Economics Association, vol. 11(2), pages 167-182, May.
    7. Diewart, W Erwin & Morrison, Catherine J, 1986. "Adjusting Output and Productivity Indexes for Changes in the Terms of Trade," Economic Journal, Royal Economic Society, vol. 96(383), pages 659-679, September.
    8. Kevin Fox & Ulrich Kohli, 1998. "GDP growth, terms-of-trade effects, and total factor productivity," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 7(1), pages 87-110.
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    Cited by:

    1. Diewert, W. Erwin & Fox, Kevin J., 2019. "Money and the Measurement of Total Factor Productivity," Journal of Financial Stability, Elsevier, vol. 42(C), pages 84-89.
    2. Erwin Diewert, 2015. "Reconciling Gross Output TFP Growth with Value Added TFP Growth," International Productivity Monitor, Centre for the Study of Living Standards, vol. 29, pages 60-67, Fall.
    3. Diewert, W. Erwin, 2017. "Productivity Measurement in the Public Sector: Theory and Practice," Microeconomics.ca working papers erwin_diewert-2017-1, Vancouver School of Economics, revised 02 Feb 2017.
    4. Diewert, W. Erwin, 2014. "A Note on Reconciling Gross Output TFP Growth with Value Added TFP Growth," Economics working papers erwin_diewert-2014-56, Vancouver School of Economics, revised 17 Dec 2014.

    More about this item

    Keywords

    Multifactor Productivity; Total Factor Productivity; U.S. productivity growth; terms of trade; growth decompositions.;

    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects

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