Effective Rates of Sectoral Productivity Change

In effective rates of sectoral productivity change, some of the inputs are treated as produced. Here, this is extended to cover all the inputs. All the sectoral rates of productivity growth based on a static input–output (IO) framework are shown to be equal to the corresponding rates of decrease in the production price. For the direct rate, all the input prices are treated as exogenous constants. For the effective rates, prices of the inputs, which are treated as produced, are determined by production technology. The fully effective rate is derived from the price equations of the closed dynamic IO model. It is equal to the rate of decrease in the production price when the prices of all inputs, human capital and human time included, depend on production technology. The overall rate, obtained as a weighted sum of the fully effective sectoral rates, is equal to the rate of growth in the growth potential of the economy.     

The equipment hypothesis and US economic growth

In several articles published in the 1990s, de Long and Summers argued that investment in producer durables had a high propensity to generate externalities in using industries, resulting in a systematic and substantial divergence between its social and private return. They maintained, moreover, that this was not the case for structures investment. Together, these claims constitute the equipment hypothesis. This paper explores the degree to which the history of US economic growth in the 20th century supports it.     

Productivity growth decomposition with FE-IV approach: Rethinking Thai commercial banks after the financial crisis

To cope with the Asian Financial Crisis, Thai commercial banks have gone through a reconstructing period. This study aims to decompose the Total Factor Productivity growth (TFP) for Thai commercial banking industry with an output distance function. With an unbalanced panel dataset, we used the Fixed Effect (FE) model with Instrumental Variables (IV) to estimate the TFP growth empirically. We found the technical inefficiency change and scale effects were the two major contributors to the recent growth, while the input price effect of the premises and equipment was the major preventer of the growth. Moreover, the Thai commercial banking industry produced in decreasing return to scale, and the input–output allocation was not at the profit maximization optimum under the exogenous prices.     

The performance of British manufacturing in the Post-War long boom

This article questions the notion which has gained ground recently in the writing of Booth and others that British manufacturing did not fail in the post-Second World War long boom, 1950–1973. By all the traditional measures of performance – output growth rates, productivity growth rates and levels, exports, and profitability – it can be re-affirmed that British manufacturing was out-competed by her rivals. Booth, Broadberry and others have also argued that manufacturing is of less importance to economic growth than services; this too is questioned.     

The Swedish third way: an assessment of the performance and validity of the Rehn-Meidner model

This paper analyses the functioning of the Rehn–Meidnermodel in Sweden and the validity of the model's underlying theory.Both sceptics and friends of ‘the Swedish model’have exaggerated the effects of active labour market policyand solidarity wage policy on employment, inflation and growth.However, these policies have contributed to the reduction ofhysteresis effects and wage differentials in Sweden. Furthermore,Swedish experiences confirm the Rehn–Meidner view thatpositive demand shocks and expansionary macroeconomic policiesmake it difficult to combine full employment with price stability,economic growth and equity even if central wage negotiationsare coordinated and trade unions willingly accept wage restraint.     

我国东中西部高技术产业TFP比较分析

近10年来，我国高技术产业发展相当快，已成长壮大为国民经济重要的动力型先导产业。1995至2005年期间，我国高技术产业的增加值由1081亿元提高到8000亿元，高出规模以上工业2.7个百分点，对工业增长的贡献率达到13.2%，拉动工业增长约1.8个百分点，高技术产品出口额占全国外贸出口的比重达到28.6%。同时，高技术产品结构也进一步得到完善，正在向技术含量高、消费需求大的方向加速优化。总体来看，我国高技术产业继续保持了快速、健康、协调发展，对拉动国民经济增长、推动产业结构优化的作用日益明显。为了进一步弄清楚高技术产业的发展状况，本文着重从全要素生产率的角度，运用基于非参数的Malmquist指数方法和版面数据对我国三大区域进行了定量考察。通过对区域高技术产业发展差异分别从技术进步、技术效率和规模效率三个方面进行详细的描述，有针对性地提出相关对策建议，这对政府制定高技术产业发展政策、合理配置科技资源以及高技术企业的经营管理决策具有着重要的意义。     

Measuring the impact of work reorganization on firm performance: evidence from French manufacturing, 1995–1999

In this paper, we apply the method of selective matching to estimate the causal effect of organizational changes on employment, stock of capital, value added, and factor productivity. Derived from a panel of 2404 French manufacturing firms in 1997, our estimates show that work reorganization improves firm performance overall through a more efficient use of labor and capital, without requiring any increase in the factors of production.     

A closer look at the productivity advantage of foreign affiliates

In analyzing firm productivity in Belgium, this article shows empirically that both scale and efficiency contribute positively to the typical productivity advantage of foreign affiliates. Stochastic production frontier estimation using the translog functional form indicates that foreign subsidiaries exploit economies of scale more fully and benefit from better (transferred) technological capabilities than Belgian national firms (i.e., Belgian owned firms without subsidiaries abroad). Belgian multinational enterprises (MNEs), i.e., Belgian owned firms with at least one subsidiary abroad, resemble foreign‐based MNEs in possessing specific technological advantages. While the increasing globalization has facilitated the realization of scale effects across borders, this article shows that the development of technological capabilities/advantages is still a prerequisite for MNEs to compete successfully abroad.     

Fluctuations in convex models of endogenous growth, II: Business cycle properties

Using ideas from the endogenous growth literature, we present a model of the endogenous determination of productivity growth based on individual worker decisions about human capital investment. We calibrate a version of the model to match long run growth facts from the US and study the business cycle properties of this model. This approach offers improvements along several dimensions over standard exogenous growth methodologies. Most importantly, our stochastic endogenous growth model generates much greater serial correlation in output growth and labor supply volatility relative to its real business cycle counterpart. We conclude that using the extra discipline of reproducing the trend productivity growth features of the data endogenously constitutes an important missing component from the real business cycle approach.     

农村金融发展与经济增长的关联性分析：以安徽省为例

本文基于帕加诺AK内生增长理论模型,利用安徽省1978-2009年的时间序列数据,通过建立VEC模型和脉冲响应函数对安徽省农村金融发展与经济增长之间的作用机理进行实证研究。研究表明,金融相关率（FIR）、农村资本边际生产率与农村经济增长呈现长期稳定的正向关系,而储蓄率与经济增长之间呈现反向关系;此外,变量之间短期动态关系与长期均衡关系并不完全一致。