Technology, Employment, and the Business Cycle: DO Technology
... productivity in response to the same shock. In the following period, firms adjust their prices downward (since marginal cost is lower), aggregate demand and output will go up, and employment returns to its original level. The sign of the associated change in labor productivity depends again on wheth ...
... productivity in response to the same shock. In the following period, firms adjust their prices downward (since marginal cost is lower), aggregate demand and output will go up, and employment returns to its original level. The sign of the associated change in labor productivity depends again on wheth ...
Agricultural Risk, Intermediate Inputs, and Cross
... market frictions, but by the inability to insure ex post consumption. Since intermediate inputs are chosen before the realization of productivity shocks, shocks realizations are weighted not only by the probability that they occur but also by a measure of marginal utility. As TFP decreases in poor c ...
... market frictions, but by the inability to insure ex post consumption. Since intermediate inputs are chosen before the realization of productivity shocks, shocks realizations are weighted not only by the probability that they occur but also by a measure of marginal utility. As TFP decreases in poor c ...
Text - IMF
... the prospect of mediocre future growth is still a concern. In part, the cause for this concern is the recent slowdown in productivity growth in many advanced economies—a slowdown that is widely expected to continue. Another related reason is the weakness in business investment, which is one channel ...
... the prospect of mediocre future growth is still a concern. In part, the cause for this concern is the recent slowdown in productivity growth in many advanced economies—a slowdown that is widely expected to continue. Another related reason is the weakness in business investment, which is one channel ...
Abstract - Brad DeLong`s Website
... equipment for nearly forty years so far. There are no technological reasons for this pace of productivity increase in these leading sectors to decline over the next decade or so. In the consensus analysis, creased total factor productivity in the information technology capital goods-producing sector ...
... equipment for nearly forty years so far. There are no technological reasons for this pace of productivity increase in these leading sectors to decline over the next decade or so. In the consensus analysis, creased total factor productivity in the information technology capital goods-producing sector ...
Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence
... One of the great challenges for macroeconomists is explaining the slow recovery from major financial crises (see, e.g. Reinhart and Rogoff (2009)). This phenomenon is only partly accounted for by existing theories. A large literature has suggested that demand shortfalls can account for slow growth f ...
... One of the great challenges for macroeconomists is explaining the slow recovery from major financial crises (see, e.g. Reinhart and Rogoff (2009)). This phenomenon is only partly accounted for by existing theories. A large literature has suggested that demand shortfalls can account for slow growth f ...
Growth versus development: different patterns of industrial growth in Latin America
... According to this view, changing the structure of production —i.e. the reallocation of labor from to low-to high-productivity activities— typically involves industrialization (Ros, 2000). Indeed, in the classical development economics tradition industrialization is the driver of technical change par ...
... According to this view, changing the structure of production —i.e. the reallocation of labor from to low-to high-productivity activities— typically involves industrialization (Ros, 2000). Indeed, in the classical development economics tradition industrialization is the driver of technical change par ...
productivity performance in south africa
... public corporations, often associated with lower productivity performance, and a declining share by private business, which is generally regarded as a more efficient user of resources. Until about 1980, the share of fixed investment devoted to economic infrastructure remained high but, from then unt ...
... public corporations, often associated with lower productivity performance, and a declining share by private business, which is generally regarded as a more efficient user of resources. Until about 1980, the share of fixed investment devoted to economic infrastructure remained high but, from then unt ...
pg07 Daveri 5064423 en
... compared to other countries and whether, in turn, this may at least partly account for Italy’s disappointing productivity performance. This is not the only possibility, though: another, perhaps more puzzling, option would be that delocalization did occur in Italy against all odds but it has not brou ...
... compared to other countries and whether, in turn, this may at least partly account for Italy’s disappointing productivity performance. This is not the only possibility, though: another, perhaps more puzzling, option would be that delocalization did occur in Italy against all odds but it has not brou ...
The Challenges of Integrating National Accounts and Productivity
... resolution of policy issues involving long-term growth. There has been a long standing call worldwide for statistics on “sources of growth”3 especially for India, which is still making a transition from a closed economy to a market driven open country. Therefore information on GDP integrated with mu ...
... resolution of policy issues involving long-term growth. There has been a long standing call worldwide for statistics on “sources of growth”3 especially for India, which is still making a transition from a closed economy to a market driven open country. Therefore information on GDP integrated with mu ...
Principles of Economics, Case and Fair,9e
... through export-led manufacturing. For countries that have based their growth on resource extraction, there is another set of potential sustainability issues. Because extraction can be accomplished without a well-educated labor force, while o ...
... through export-led manufacturing. For countries that have based their growth on resource extraction, there is another set of potential sustainability issues. Because extraction can be accomplished without a well-educated labor force, while o ...
measuring regional economic performance
... To measure regional productivity and income, as the key determinant of welfare in a region, indicators other than GVA per head should be used. Productivity To compare regions in terms of productivity, GVA per hour worked is the preferred indicator. At lower levels of geography, ‘hours worked’ estima ...
... To measure regional productivity and income, as the key determinant of welfare in a region, indicators other than GVA per head should be used. Productivity To compare regions in terms of productivity, GVA per hour worked is the preferred indicator. At lower levels of geography, ‘hours worked’ estima ...
Abstract - Brad DeLong
... TFP spillovers; in this respect, the contribution made by electricity in the 1920s through its impact on the reorganization of factory work has probably not yet been matched by ICT. examining the impact of the two previous technological breakthroughs with similar claims to be regarded as general pur ...
... TFP spillovers; in this respect, the contribution made by electricity in the 1920s through its impact on the reorganization of factory work has probably not yet been matched by ICT. examining the impact of the two previous technological breakthroughs with similar claims to be regarded as general pur ...
Document
... A number of studies have found that reforms to product regulation to increase competition, have the following positive effects: Growth: increases GDP per capita Encourages innovation Accelerates multi-factor productivity May stimulate employment Improves labour productivity Encourages domestic and f ...
... A number of studies have found that reforms to product regulation to increase competition, have the following positive effects: Growth: increases GDP per capita Encourages innovation Accelerates multi-factor productivity May stimulate employment Improves labour productivity Encourages domestic and f ...
Growing without changing: a tale of Egypt`s weak productivity growth
... income inequality. Many studies find that the benefits of economic growth are often unevenly distributed across the population, and that a country’s pattern of development may be just as important as the level of per capita GDP attained (see Ravallion, 2001; Bourguignon, 2003; Essama-Nssah and Lambe ...
... income inequality. Many studies find that the benefits of economic growth are often unevenly distributed across the population, and that a country’s pattern of development may be just as important as the level of per capita GDP attained (see Ravallion, 2001; Bourguignon, 2003; Essama-Nssah and Lambe ...
PDF
... Output growth patterns and its sources of growth Many factors influence the development of food processing activities in Australia. Changes in the availability of raw inputs for processing and of other inputs, technology used and industry structure all have impacts on the industries involved. To ex ...
... Output growth patterns and its sources of growth Many factors influence the development of food processing activities in Australia. Changes in the availability of raw inputs for processing and of other inputs, technology used and industry structure all have impacts on the industries involved. To ex ...
83081100I_en.pdf
... 1980 level, and most informal and agricultural workers were earning less than the poverty line per active person. As a share of gross domestic product (GDP), remunerations fell from 37% in 1978 to 32% in 1992 and 24.5% in 2001.1 These figures indicate that the employment problem in Peru cannot be ad ...
... 1980 level, and most informal and agricultural workers were earning less than the poverty line per active person. As a share of gross domestic product (GDP), remunerations fell from 37% in 1978 to 32% in 1992 and 24.5% in 2001.1 These figures indicate that the employment problem in Peru cannot be ad ...
Technical Change and Total Factor Productivity Growth: The
... Measurement of technical change (TC) and total factor productivity (TFP) growth has been the subject of investigations in many empirical studies on industrial productivity (for example, Jorgenson, 1995). These studies have followed several well-known directions. The various approaches used in the li ...
... Measurement of technical change (TC) and total factor productivity (TFP) growth has been the subject of investigations in many empirical studies on industrial productivity (for example, Jorgenson, 1995). These studies have followed several well-known directions. The various approaches used in the li ...
Factor Productivity and Potential Output Growth in South Africa
... tool of economic analysis. For example, Hulten (2000) stresses that: Economists have long recognized that total factor productivity is an important factor in the process of economic growth. However, just how important it is has been a matter of ongoing controversy. Part of this controversy is about ...
... tool of economic analysis. For example, Hulten (2000) stresses that: Economists have long recognized that total factor productivity is an important factor in the process of economic growth. However, just how important it is has been a matter of ongoing controversy. Part of this controversy is about ...
NBER WORKING PAPER SERIES INVESTMENT, CAPACITY, AND UNCERTAINTY: A PUTTY-CLAY APPROACH Simon Gilchrist
... In real business cycle models that emphasize the role of embodied technological change, technological booms are driven by increases in the mean level of productivity of investment projects. In this paper, we investigate the macroeconomic consequences of changes in the variance of productivity of inv ...
... In real business cycle models that emphasize the role of embodied technological change, technological booms are driven by increases in the mean level of productivity of investment projects. In this paper, we investigate the macroeconomic consequences of changes in the variance of productivity of inv ...
Trade barriers to growth in South Africa: Endogenous investment
... framework with a standard neoclassical model. Quantification of the model illustrates how protectionism may explain cross-country income and productivity differences. Similar results are found by Waugh (2007). While these analyses focus on the productivity effect from comparative advantage, we relat ...
... framework with a standard neoclassical model. Quantification of the model illustrates how protectionism may explain cross-country income and productivity differences. Similar results are found by Waugh (2007). While these analyses focus on the productivity effect from comparative advantage, we relat ...
PDF
... Because output is usually measured in value terms, an additional term reflecting price changes could be added to the growth components. ...
... Because output is usually measured in value terms, an additional term reflecting price changes could be added to the growth components. ...
Module 38 Productivity and Growth
... Accounting for Growth: The Aggregate Production Function Productivity is higher, other things equal, when workers are equipped with more physical capital, more human capital, better technology, or any combination of the three. But can we put numbers to these effects? To do this, economists make use ...
... Accounting for Growth: The Aggregate Production Function Productivity is higher, other things equal, when workers are equipped with more physical capital, more human capital, better technology, or any combination of the three. But can we put numbers to these effects? To do this, economists make use ...
Modeling with Limited Data: Estimating Potential Growth in
... One drawback of the production function method, given its bottom-up philosophy, is that it does not exploit other macroeconomic predictions that can be useful for inferring potential output. In particular, macroeconomic theory suggests that if shocks are transitory potential output should be close t ...
... One drawback of the production function method, given its bottom-up philosophy, is that it does not exploit other macroeconomic predictions that can be useful for inferring potential output. In particular, macroeconomic theory suggests that if shocks are transitory potential output should be close t ...
Does the United States Have a Productivity Slowdown or a
... The “other” adjustments in Figure 1 include improved Internet quality (Section 3) and ecommerce (Section 4), which together add about 5 basis points (bp) more in the post-2004 period than from 1995-2004. This adjustment is small, reflecting the conceptual challenges involved with bringing more of th ...
... The “other” adjustments in Figure 1 include improved Internet quality (Section 3) and ecommerce (Section 4), which together add about 5 basis points (bp) more in the post-2004 period than from 1995-2004. This adjustment is small, reflecting the conceptual challenges involved with bringing more of th ...
Productivity
Productivity is an average measure of the efficiency of production. It can be expressed as the ratio of output to inputs used in the production process, i.e. output per unit of input. When all outputs and inputs are included in the productivity measure it is called total productivity. Outputs and inputs are defined in the total productivity measure as their economic values. The value of outputs minus the value of inputs is a measure of the income generated in a production process. It is a measure of total efficiency of a production process and as such the objective to be maximized in production process. Productivity measures that use one or more inputs or factors, but not all factors, are called partial productivities. A common example in economics is labor productivity, usually expressed as output per hour. At the company level, typical partial productivity measures are such things as worker hours, materials or energy per unit of production.In macroeconomics the approach is different. In macroeconomics one wants to examine an entity of many production processes and the output is obtained by summing up the value-added created in the single processes. This is done in order to avoid the double accounting of intermediate inputs. Value-added is obtained by subtracting the intermediate inputs from the outputs. The most well-known and used measure of value-added is the GDP (Gross Domestic Product). It is widely used as a measure of the economic growth of nations and industries. GDP is the income available for paying capital costs, labor compensation, taxes and profits.For a single input this means the ratio of output (value-added) to input. When multiple inputs are considered, such as labor and capital, it means the unaccounted for level of output compared to the level of inputs. This measure is called in macroeconomics Total Factor Productivity TFP or Multi Factor Productivity MFP.Productivity is a crucial factor in production performance of firms and nations. Increasing national productivity can raise living standards because more real income improves people's ability to purchase goods and services, enjoy leisure, improve housing and education and contribute to social and environmental programs. Productivity growth also helps businesses to be more profitable.