A Model of TFP
نویسندگان
چکیده
منابع مشابه
A Model of TFP
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...
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Towards a Theory of TFP*
We begin the development of a theory of total factor productivity (TFP) by presenting a multi-sector model of general purpose technology (GPT) driven growth, which generates numerical data via simulation and confirm the theoretical predictions of Carlaw and Lipsey (2003) and Lispey and Carlaw (2004) that TFP is not a contemporaneous measure of technological change. The modeling framework enable...
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The financial crisis of 2008 was followed by sharp contractions in aggregate output and employment and an unusual increase in aggregate total factor productivity (TFP). This paper attempts to explain these facts by modeling the creation and destruction of jobs in the presence of heterogeneity in firm productivity and frictional credit and labor markets. The aggregate level of TFP is determined ...
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ژورنال
عنوان ژورنال: The Review of Economic Studies
سال: 2006
ISSN: 1467-937X,0034-6527
DOI: 10.1111/j.1467-937x.2006.00405.x