'Dieser Artikel erstellt einen Beweis für die internationale Interdependenz der Totalen Faktorproduktivität (TFP) zur langfristigen human kapital Akkumulation mit Hilfe eines räumlich im Panel semi-parametrischen vektorautoregressiven Verfahrens. Die empirische Studie bezieht sich auf 15 asiatische Länder für den Zeitraum 1970-2000.' (Autorenreferat)
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"This paper proposes an aggregative model of Total Factor Productivity (TFP) in the spirit of Houthakker (1955--1956). It considers a frictional labor market where production units are subject to idiosyncratic shocks and jobs are created and destroyed as in Mortensen and Pissarides (1994). An aggregate production function is derived by aggregating across micro production units in equilibrium. The level of TFP is explicitly shown to depend on the underlying distribution of shocks as well as on all the characteristics of the labor market as summarized by the job-destruction decision. The model is also used to study the effects of labor-market policies on the level of measured TFP"--Federal Reserve Bank of Minneapolis web site
In the first essay of our examination of Japanese total factor productivity, "Why Overcoming Deflation Alone Will Not Solve Japan's Structural Problems," we examined the role of relative deflation of capital goods in an exogenous model of productivity. In this study we gather empirical evidence on sector-specific characteristics of total factor productivity with the latter as an endogenous variable. Using panel regressions of industry-specific total factor productivity (both adjusted and unadjusted for labor and capital utilization) segmented by sector we discover a positive relationship between industry-wide measures of deregulation and total factor productivity in the services sector. However, the coefficient reverses in the manufacturing sector – a drop in already-deregulated manufacturing is consistent with a decline in total factor productivity. Although the direction of causality is indeterminate, an optimal level of regulation across industries in terms of total factor productivity growth appears to lie somewhere between the manufacturing and non-manufacturing sectors. Separately, we find strong evidence that the share of innovative capital scaled by firms' output correlates positively with TFP growth, across most industry sectors. The sum of our findings provide a specific policy argument: to prioritize deregulation in services over manufacturing, moreover that the target of such policy adjustments should be at once to incentivize innovation in not only IT-relevant but also non-IT sectors and to dispose of "dead weight" capital in non-IT related Services industries in particular. We supplement the latter claim with empirical evidence of stagnation in the aggregate quality of capital in non-IT versus IT- related industries and, to a lesser extent, in Services versus Manufacturing.
Resource misallocation can lower aggregate total factor productivity (TFP). We use micro data on manufacturing establishments to quantify the extent of this misallocation in China and India compared to the U.S. in recent years. Compared to the U.S., we measure sizable gaps in marginal products of labor and capital across plants within narrowly-defined industries in China and India. When capital and labor are hypothetically reallocated to equalize marginal products to the extent observed in the U.S., we calculate manufacturing TFP gains of 25-40% in China and 50-60% in India.
This paper examines the development and drivers of total factor productivity (TFP) in the manufacturing sector for a panel of 17 EU countries over the period of 1995-2007. Recent panel data estimation techniques are used in a twofold approach. First, we estimate aggregated and sectoral TFP for 17 EU countries by means of the augmented mean group estimator to control for endogeneity, cross-section dependence and heterogeneous production technology. Second, we investigate the relative importance of the drivers of predicted TFP, namely Foreign Direct Investment (FDI), investment in Information and Communication Technologies (ICT), human capital, R&D, trade openness and rationalization efforts. The results confirm that rationalization, human capital and ICT are the main drivers of TFP.
