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Mapping prices into productivity in multisector growth models

Ngai, L. Rachel and Samaniego, Roberto M. (2009) Mapping prices into productivity in multisector growth models. Journal of Economic Growth, 14 (3). pp. 183-204. ISSN 1381-4338

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Abstract

Two issues related to mapping a multi-sector model into a reduced-form value-added model are often neglected: the composition of intermediate goods, and the distinction between the productivity indices for value added and for gross output. We illustrate their significance for growth accounting using the well known model of Greenwood et al. (in Am Econ Rev 87(3):342–362, 1997), who find that about 60% of economic growth can be attributed to investment-specific technical change (ISTC). We investigate the role of intermediate goods in their framework and find that, taking into account the composition of intermediates, ISTC may well account for between 93 and 96% of post-war US growth.

Item Type: Article
Official URL: http://www.springerlink.com/content/102931/
Additional Information: © 2009 Springer Science+Business Media, LLC
Library of Congress subject classification: H Social Sciences > HB Economic Theory
Journal of Economic Literature Classification System: E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E13 - Neoclassical
O - Economic Development, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O47 - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output (Income) Convergence
O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O30 - General
O - Economic Development, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O41 - One, Two, and Multisector Growth Models
Sets: Collections > Economists Online
Research centres and groups > Centre for Economic Performance (CEP)
Departments > Economics
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: UT ISI:000271505500001
Date Deposited: 11 Jan 2010 10:49
URL: http://eprints.lse.ac.uk/26624/

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