Assessing output and productivity growth in the banking industry

This paper assesses the evolution of output and productivity in the Greek banking industry for the period 1990–2006. Three main categories of bank output were estimated based on modern theoretical approaches, while for the estimation of output and productivity (partial and total factor) we relied on the index number method (Tornqvist index). We also considered the effect of labor quality on banks’ productivity and the contribution of total factor productivity to bank output growth. Bank output and labor productivity outpaced considerably the respective GDP growth and labor productivity of the Greek economy during the period under examination. Capital and total factor productivity have also improved remarkably mainly since 1999, due to the structural changes that took place within the industry, capital (mainly IT) investments and improvement in the quality of human capital.     

中国经济增长的动力转换与政策选择

研究目标：探究经济增长动因结构及转换趋势。研究方法：基于中国1980～2014年三次产业的时间序列数据,构造结构指数生产函数,采取指数分析与对数分析相结合的方法进行实证研究。研究发现：2008年以来全要素生产率贡献缩减是经济增长大幅减速的最主要因素;要素规模增长率下降与产出弹性缩减的双重挤压导致资本和劳动力规模贡献下滑;资本和劳动生产率增长双减速是造成全要素生产率大幅下降的主导因素;全要素生产率增长动力从以产业要素生产率的提升为主转向以产业之间要素配置结构的优化为主。研究创新：从三次产业的要素规模和效率进行考察,三个层次层层推进,为经济增长动力及其变迁轨迹分析创造更加广阔的拓展空间。研究价值：揭示了中国经济增长变迁的动因结构以及最新转换趋势,为旨在推动国民经济又快又好发展的政策设计提供了新的科学决策参考。     

时变弹性生产函数生产率分解公式及其政策含义

本文基于时变弹性生产函数,推导出经济增长来源于资本、劳动力、中性技术进步和偏向性技术进步贡献度之和;索洛余值在数值上等于中性技术进步贡献度与偏向性技术进步贡献度之和,也等于资本生产增长率与劳动生产增长率的加权和,其权数分别为资本和劳动时变产出弹性。研究认为,提高劳动收入份额,有利于促进经济向集约型发展方式转变。     

技术效率、技术进步、要素积累与中国农业经济增长——基于SFA的经验分析

本文运用随机前沿方法,将1988～2009年中国省份的农业劳动生产率变化分解为农业技术效率变化、技术进步、物质性要素投入变化和人力资本积累四个来源,分析了它们对中国农业经济增长的影响。结果表明,自1988年以来,技术进步、物质性要素投入变化和人力资本积累在总体上都促进了中国省份农业劳动生产率的增长,而技术效率变化却阻碍了大部分省份的增长,但总的来说,技术进步和技术效率变化的共同作用对增长的贡献还是最大的。     

Intangible investment in people and productivity

Organizational activity, information and communication technology work, and research and development (R&D) can be classified as work that creates intangible capital. We measure the returns to these three types of labor input by accounting for differences in their productivity compared with other labor inputs using Finnish firm-level data from 1998 to 2008. We apply a novel idea to use hiring as one proxy for productivity and demand shocks. We find that organizational workers increase total factor productivity and improve the profitability of high-productivity firms. R&D workers account for a large share of intangible capital; however, the returns to R&D are low. Investments in organizational competence are more likely to result in more rapid productivity growth. Firms with performance-related pay or domestically owned firms with extensive foreign activities have been among the highest performers with respect to the use of organizational work.     

Total Factor Productivity Growth and Urbanization Economies: A Case of Indian Industries

Based on panel data for fifteen major states in India, this paper provides evidence in favor of the existence of urbanization economies. In eleven of seventeen two-digit industry groups, total factor productivity growth is responsive to urban population or industrial spread. Although the impact of these variables taken to capture agglomeration economies on total factor productivity growth is not monotonic, economic policy would yield a sub-optimal outcome by ignoring the positive effect of the size factor. Urban population or industrial spread benefits firms by possibly improving the quality of labor and enhancing the productive utilization of resources.     

Technical efficiency and region The U.S. manufacturing sector 1972–1977

In this paper we estimate the extent of technological bias in an interregional context for U.S. manufacturing during the period 1972–1977 using a factor augmenting production function approach. We present estimates of the elasticity of factor substitution for each of the 48 states in the sample using a variable elasticity of substitution production function. Next, we use these estimates to generate estimates of the rates of change in the efficiencies of capital and labor inputs and compare these estimates across states and census regions. We also examine and compare estimates of total factor productivity across states and regions. We ,find that the average annual rates of growth of capital efficiency during the period are 5.5 percent in the Northeast, 5.3 percent in the Northcentral, 5.6 percent in the West and 3.1 percent in the South. The rates of change of the efficiencies of labor are found to be negative across all regions except the South. The rates of change of total factor productivity are found to be 1.7 percent in the Northeast, 2.3 percent in the Northcentral, 2.4 percent in the West and 1.7 percent in the South. We also find that between 33 percent and 56 percent of the growth of output across regions is due to technical progress.     

全要素生产率中的加成定价与规模报酬效应

研究目标：考察经典方法估计全要素生产率时是否因加成定价或规模报酬效应而出现估计偏差。研究方法：基于放松完全竞争和规模报酬不变假设的增长核算框架估计全要素生产率,并在分别估计加成定价率和规模报酬率基础上对古典索洛余值进行分解。研究发现：加成定价效应是造成古典索洛余值与全要素生产率偏差的重要原因;富有弹性的劳动力市场可以降低全要素生产率受到经济冲击的影响。研究创新：基于扩展后的增长核算框架估计了中国、韩国、日本和美国的全要素生产率,分析古典索洛余值是否存在估计偏差以及偏差的主要来源。研究价值：分离新古典索洛余值中的加成定价和规模效应,可以有效降低经验研究中全要素生产率的估计偏差。     

京沪服务业增长比较分析

利用1978年至2009年的时间序列数据,基于鲍莫尔—富克斯提出的服务业就业份额增长的影响因素理论,对北京和上海的服务业增长进行了实证检验及比较。从计量分析结果来看,京沪服务业劳动生产率的增长都相对滞后,这是两市服务业就业增长较快的主因,而这也正符合鲍莫尔—富克斯假说的基本观点。但是具体说来,北京和上海的服务业增长也存在着明显差异:影响北京服务业就业增长的因素中仅有服务业劳动生产率增长滞后的影响是显著的,地区人均收入增长这一因素的影响则不显著;而服务业劳动生产率增长滞后和人均收入增长这两个因素对上海服务业就业增长均产生了显著的积极影响。     

中国工业环境全要素生产率的来源分解——基于要素投入与污染治理的分析

本文将基于松弛的效率损失测度法与卢恩伯格生产率指数相结合,通过将工业环境全要素生产率指数按照投入要素与产出进行分解,测算中国工业环境全要素生产率的来源。结果发现,2001～2007年中国工业环境全要素生产率有所提高,但受国际金融危机的影响,在2008年下降;工业环境全要素生产率的来源表明,加强污染治理可以有效提升工业环境全要素生产率;投入生产率的来源表明,劳动生产技术的进步是提高工业环境全要素生产率的有效措施;污染治理生产率的来源表明,优先加强COD治理能更有效提升工业环境全要素生产率。     

Labor productivity convergence in the Kansas farm sector: a three-stage procedure using data envelopment analysis and semiparametric regression analysis

This paper employs a three stage procedure to investigate labor productivity growth and convergence in the Kansas farm sector for a balanced panel of 564 farms for the period 1993?C2007. In the first stage, Data Envelopment Analysis is used to compute technical efficiency indices. In the second stage, labor productivity growth is decomposed into components attributable to efficiency change, technical change, and factor intensity. The third stage employs both parametric and semiparametric regression analyses to investigate convergence in labor productivity growth and the contribution of each of the three components to the convergence process. Factor intensity and efficiency change are found to be sources of labor productivity convergence while technical change is found to be a source of divergence. Policies that encourage investment in capital goods may help to mitigate disparities in labor productivity across the farm sector.     

European integration,productivity growth and real convergence: Evidence from the new member states

We estimate the determinants of labor productivity growth in 8 new European Union (EU) member states that joined the Union in 2004. Our focus is on the impact of globalization and EU integration efforts on labor productivity growth. Previous studies test the impact of trade using either exports or trade openness. We also test the impact of imports separately on labor productivity growth. Using panel data for 1995–2006 period, we find that globalization has mixed effects. FDI and exports improve productivity, but imports hurt it. Regarding domestic variables, we find that human capital is the most important source of labor productivity growth in the new member states. There is also considerable adjustment of labor productivity towards EU15 levels, indicating significant “catching up” and hence real convergence. Policy implications of the findings are also discussed.     

EFFECTS OF LABOR REALLOCATION ON PRODUCTIVITY AND INEQUALITY—INSIGHTS FROM STUDIES ON TRANSITION

From a theoretical perspective, the link between the speed and scope of rapid labor reallocation and productivity growth or income inequality is ambiguous. Do reallocations with more flows tend to produce higher productivity growth? Does such a link appear at the expense of higher income inequality? We explore the rich evidence from earlier studies on worker flows in the period of massive and rapid labor reallocation, that is, the economic transition from a centrally planned to a market-oriented economy in CEE. We have collected over 450 estimates of job flows from the literature and used these inputs to estimate the short-run and long-run relationship between labor market flows, labor productivity, and income inequality. We apply the tools typical for a meta-analysis to verify the empirical regularities between labor flows and productivity growth as well as income inequality. Our findings suggest only weak and short-term links with productivity, driven predominantly by business cycles. However, data reveal a strong pattern for income inequality in the short run—more churning during reallocation is associated with a level effect toward increased Gini indices.     

基于环境负产出的能效动态Malmquist模型研究

本文旨在研究环境效率—能源效率—经济效率的"三位一体动态全要素生产率"。首先基于数据包络分析建立了环境约束下的能效动态Malmquist模型,定义了能效效率改变指数、污效效率改变指数和动态进步指数。通过对中国18个行业2000～2007年的数据分析,指出未考虑环境效应、动态效应的Malmquist模型会带来误判,进而揭示出在中国能效全要素生产率改变过程中,能源环境效应起到了不可忽略的作用,而动态效应则是最大的瓶颈,却没得到应有的重视。     

Exploring reallocation’s apparent weak contribution to growth

Two recent meta-analyses use variants of the Baily et al. (Brookings Papers Econ Act Microecon 1:187–267, 1992) (BHC) decompositions to ask whether recent robust growth in aggregate labor productivity (ALP) across 25 countries is due to lower barriers to input reallocation. They find weak gains from measured reallocation and strong within-plant productivity gains. We show these findings may be because BHC indices decompose ALP growth using plant-level output-per-labor (OL) as a proxy for the marginal product of labor and changes in OL as a proxy for changes in plant-level productivity. We provide simple examples to show that (1) reallocation growth from labor should track marginal changes in labor weighted by the marginal product of labor, (2) BHC reallocation growth can be positively correlated, negatively correlated, or uncorrelated with actual growth arising from the reallocation of inputs, and that (3) BHC indices can mistake growth from reallocation as growth from productivity, principally because OL is neither a perfect index of marginal products nor plant-level productivity. We then turn to micro-level data from Chile, Colombia, and Slovenia, and we find for the first two that BHC indices report weak or negative growth from labor reallocation. Using the reallocation definition based on marginal products we find a positive and robust role for labor reallocation in all three countries and a reduced role of plant-level technical efficiency in growth. We close by exploring potential corrections to the BHC decompositions but here we have limited success.     

The effect of trade on productivity growth and the demand for skilled workers in Canada

We use an input–output model to examine the effect of trade integration on productivity growth and the demand for skilled workers in Canada for the period 1981–1997. We find that trade integration has a positive effect on both labour productivity and total factor productivity. Labour productivity and total factor productivity grew faster in export and import industries than in the total business sector over this period, and this productivity growth gap has widened over time. Canada is found to have a comparative advantage in capital- and natural-resource-intensive industries, although it has declined over time. We find that trade integration has little effect on the demand for skilled and unskilled workers in Canada.     

基于MEA和Luenberger生产率指数的中国商业银行效率及生产率模式评估

引入多方向效率分析模型(MEA)模型对我国16家上市商业银行2011—2018年各指标的效率进行了评估,结果显示国有银行效率低下的主要原因是净利息利润、存款和劳动力的效率较低。为进一步研究中国商业银行生产率的构成情况,引入基于方向性距离函数的Luenberger生产率指数及其分解结果,来评价中国商业银行各指标的生产率,得到中国商业银行生产率的变化主要归功于净利息利润和净非利息利润生产率的变化。     

Productivity measurement from a deficient data base: An empirical study of Kenya's manufacturing sector

The study measures productivity growth in Kenya's manufacturing sector. Given several deficiencies of the data typical for developing countries, it focuses on methods to overcome such weaknesses of the data. The computation of total factor productivity growth uses a modified version of neoclassical growth accounting à la Solow and Denison. Data uncertainties are diminished through sensitivity analysis and comparison with some international evidence. In a second approach, labor productivity growth is broken down into two components: structural change in favor of more productive industries, and productivity increase at industry level.The refereeing process of this paper was handled through Edward Kokkelenberg. An earlier version of this paper was presented at the 1989 meetings of the European Economic Association in Augsburg. The author acknowledges helpful comments from two anonymous referees of this Journal. The usual waiver applies.     

Labor productivity and vocational training: evidence from Europe

In this paper we show that vocational training is an important determinant of productivity growth. We construct a multy-country, multi-sectoral dataset, and quantify empirically to what extent vocational training has contributed to increase the growth rate of labor productivity in Europe between 1999 and 2005. We find that one extra hour of training per employee accelerates the rate of productivity growth by around 0.55 % points.     

Population,pensions, and endogenous economic growth

We study the effect of a declining labor force on the incentives to engage in labor-saving technical change and ask how this effect is influenced by institutional characteristics of the pension scheme. When labor is scarcer it becomes more expensive and innovation investments that increase labor productivity are more profitable. We incorporate this channel in a new dynamic general equilibrium model with endogenous economic growth and heterogeneous overlapping generations. We calibrate the model for the US economy and obtain the following results. First, the effect of a decline in population growth on labor productivity growth is positive and quantitatively significant. In our benchmark, it is predicted to increase from an average annual growth rate of 1.74% over 1990–2000 to 2.41% in 2100. Second, institutional characteristics of the pension system matter both for the growth performance and for individual welfare. Third, the assessment of pension reform proposals may depend on whether economic growth is endogenous or exogenous.