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Is There Really a Gap Between Aggregate Productivity and Technology?
[journal article]
Abstract The important contribution by Basu and Fernald (European Economic Review, 2002, 46) shows that, in practice, there is a statistically significant gap between aggregate productivity and technology that can be attributed to inefficient product and labour markets. This is important, as it implies that... view more
The important contribution by Basu and Fernald (European Economic Review, 2002, 46) shows that, in practice, there is a statistically significant gap between aggregate productivity and technology that can be attributed to inefficient product and labour markets. This is important, as it implies that the Solow residual is an imperfect index for aggregate technology change. We take a related approach and find that when we control for capacity utilization, time varying markup and account for externalities between industries, by employing a superior system estimator, the gap between the aggregate productivity and technology is shown to narrow considerably.... view less
Classification
National Economy
Document language
English
Publication Year
2009
Page/Pages
p. 3499-3503
Journal
Applied Economics, 41 (2009) 27
DOI
https://doi.org/10.1080/00036840701537851
ISSN
1466-4283
Status
Postprint; peer reviewed
Licence
PEER Licence Agreement (applicable only to documents from PEER project)