The aggregate productivity slowdown: A system approach
I revisit the productivity slowdown debate by estimating the capital-labor elasticity and the bias of technical change for the U.S. economy under four different models of technical change. One with constant growth rates, one with a structural break in the constant growth rates, one in which growth i...
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| Formato: | artículo |
| Estado: | Versión aceptada para publicación |
| Fecha de publicación: | 2023 |
| País: | España |
| Recursos: | Universidad de Barcelona |
| Repositorio: | Dipòsit Digital de la UB |
| OAI Identifier: | oai:diposit.ub.edu:2445/199363 |
| Acesso em linha: | https://hdl.handle.net/2445/199363 |
| Access Level: | acceso abierto |
| Palavra-chave: | Productivitat Capital Treball Creixement econòmic Productivity Labor Economic growth |
| Resumo: | I revisit the productivity slowdown debate by estimating the capital-labor elasticity and the bias of technical change for the U.S. economy under four different models of technical change. One with constant growth rates, one with a structural break in the constant growth rates, one in which growth is linear, and one with flexible time-varying growth rates. I find evidence in support of non-constant growth rates of factor-augmenting technical change. Labor-augmenting technical change growth rates are decelerating, while capital-augmenting technical change is non negligible but vanishes quickly. |
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