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The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economy
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Orientador(es)
Resumo(s)
The variables that contribute to explaining the major puzzles and paradoxes in
macroeconomics and economic growth literature always appear related, directly
or indirectly, to capital stock and depreciation. Depreciation defined in a narrow
sense refers only to physical wear and tear, but in a broader sense, it also
includes economic deterioration and obsolescence. In this study, we explore the
link between these two depreciation concepts, the capital deepening and total
factor productivity (TFP) growth. We propose a double growth accounting
framework that allows us to establish a relationship between variables in
statistical terms and variables in economic terms. Then, with Spanish data for
1964–2015, we first analyze the role played by capital intensity and TFP in
explaining the evolution of labor productivity. The results are substantially
different depending on whether we use statistical or economic measures of
capital and depreciation. Second, we focus on the paradox of productivity,
concluding that the apparent absence of a positive correlation between investment in information and communication technology and the TFP growth rate
may be due to the delay effect associated with such investment combined with
the statistical under-estimation of true economic depreciation.
Descrição
Palavras-chave
Capital Depreciation ICT Slowdown TFP
Contexto Educativo
Citação
Escribá-Pérez, Francisco-Javier, María-José Murgui-García e José-Ramón Ruiz-Tamarit (2022). "The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economy". Portuguese Economic Journal, 21(1):31-50
Editora
Springer