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Thursday, July 16, 2020 | History

2 edition of Aggregate productivity and technical change in a vintage model found in the catalog.

Aggregate productivity and technical change in a vintage model

James McIntosh

Aggregate productivity and technical change in a vintage model

Canada 1946-1979

by James McIntosh

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  • 10 Currently reading

Published by University of Essex, Dept. of Economics in [Colchester] .
Written in English


Edition Notes

Statementby James McIntosh.
SeriesEssex economic paper -- no.169
ContributionsUniversity of Essex. Department of Economics.
ID Numbers
Open LibraryOL14866574M

technical change to aggregate growth using a Solow () vintage model. Because Gordon™s data cover the postwar period until , Hulten™s analysis is limited to that period, while GHK extend the aggregate constant-quality price index to 1Intel and other semiconductor manufacturers are no exception. In the last 20 years Intel alone. Abstract: Appendix A provides a bibliography of the background studies used. Appendix B presents a detailed literature review on the impacts of (1) technology adoption on jobs; (2) technology adoption on the skill content of tasks; (3) technology adoption on trade and mobility; and (4) labor market policies on firms’ technology adoption decisions.

model in the simplest possible form, so as to enable a step-by-step P analysis of the assumptions and implications. q General Form, Two Inputs and One Output For vintage v, the production function is of the general form ill (A) X(v) = A(v)f[N(v),I(v)], where X is output, A is technical change. and job destruction in a vintage model of embodied technical change by assuming that new entrants adopt the For more discussion of the unemployment model see the book by Pissarides () and the stochastic is job specific. p is an aggregate component of productivity that does not affect the disper-.

Gives a clear introduction to the model above in its first chapter. Later chapters extend this into the modern analysis of endogenous growth. The book also discusses the residual's significance in growth accounting. Solow, Robert (). "Technical change and the aggregate production function". Review of Economics and Statistics. 39 (3): – This book critically reviews the most significant works in this field and summarizes what is known today about the sources of economic growth. The first part discusses the most important theoretical models that have been used in modern growth theory as well as methodological issues in productivity measurement.


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Aggregate productivity and technical change in a vintage model by James McIntosh Download PDF EPUB FB2

The model presented in Section can be used to explore the aggregate implications of technology diffusion for income and for income dynamics (Comin and Hobijn, ; Comin and Mestieri,).To this end, we take advantage of the aggregate representation of the model.

Normalizing aggregate labor to one, aggregate output is given by. Technical Change and the Aggregate Production Function Robert M. Solow The Review of Economics and Statistics, Vol.

39, No. (Aug., ), pp. File Size: 1MB. units, then fhe aggregate production function can be written as: Q = F(K,L;t). (I) The variable t for time appears in F to allow for technical change.

It will be seen that I am using the phrase "technical change" as a short- hand expression for any kind of shift in the production function.

Thus slowdowns, speed-Cited by: Downloadable. This paper develops a static model of endogenous task-based technical progress to study how factor scarcity induces technological progress and changes in factor prices. The equilibrium technology is multi-dimensional and not strongly factor-saving in the sense of Acemoglu ().

Nevertheless, labour scarcity induces labour productivity growth. ADVERTISEMENTS: The below mentioned article provides an overview on the models of technical change in economic growth.

Subject-Matter: Technical progress plays an imperative role in influencing the pace of economic growth. It is the technical change which results in an increased output per unit labour.

It signifies a comprehensive phenomenon and, therefore, denote different things [ ]. neutral (Solow, ).1 We can write the above aggregate production function in the case of Hicks-neutral technical progress as: Y t = A(t) F(Kt, Lt) () In equation (), A(t) measures the effects of technical changes on the shifts of aggregate production function over time and is known as total factor productivity (TFP).

Since then there has been a plethora of studies estimating aggregate production functions. The recent interest in endogenous growth theory is also based on the aggregate production function and, paradoxically, has led to a revival of interest in the (augmented) Solow growth model (Mankiw et al., ).

Firing Costs, Misallocation, and Aggregate Productivity: w Shoumitro Chatterjee Tom Vogl: Growth and Childbearing in the Short- and Long-Run: w Joshua Graff Zivin Matthew E. Kahn: Industrial Productivity in a Hotter World: The Aggregate Implications of Heterogeneous Firm Investment in Air Conditioning: w Daniel Garcia-Macia.

Total factor productivity (TFP) can be defined as the ratio of an aggregate output to an aggregate input. This definition naturally leads to TFP indexes that can be expressed as the ratio of an output quantity index to an input quantity index.

If the aggregator functions satisfy certain regularity properties then these TFP indexes are said to be multiplicatively complete. Di erence between Accumulation and Innovation I Increasing the number of shovels from 1 to 3 is accumulation.

I Shifting from a feathered quill (as a writing instrument) to metal quill is innovation. I Buying 10 white cotton t{shirts is accumulation. I Replacing a white cotton t{shirt by a Under Armour micro ber shirt is technological change.

I Common for technical change to beembodiedin the. Also, empirical microeconomists note that within narrowly defined industries, productivity change often reflects reallocations of resources among firms with different levels of productivity (e.g., Baily et al., ).

A central conclusion of our paper is that aggregate productivity and aggregate technology are meaningful but distinct concepts. Aggregate productivity change in a vintage model Canada By J. McIntosh and Colchester (UK). Dept. of Economics Essex Univ. Abstract.

SIGLELD() / BLDSC - British Library Document Supply CentreGBUnited Kingdo Topics: 05C - Ergonomics. Solow's Technical Change and the Aggregate Production Function', and the Accounting Identity 6. What does Total Factor Productivity Actually Measure. Further Observations on the Solow Model 7. Why Are Some Countries Richer than Others.

A Sceptical View of Mankiw-Romer-Weil's Test of the Neoclassical Growth Model 8. Downloadable. We decompose aggregate industry labor productivity growth into seven distinct components: input deepening, technical change, technical efficiency, scale effect, between-firm reallocation, effects from exits and entry.

The first four components measure the productivity growth within a firm. The latter three components capture industry dynamics.

Abstract. Total factor productivity (TFP) has been termed by Abramovitz “a measure of our ignorance” and by Domar the “residual.” This terminology alludes to the basic, inevitable fact that productivity is conceptualized and defined to reflect, in aggregate, whatever is not understood or is misunderstood about sources of growth in real output.

We can formalize these ideas by introducing the concept of the the aggregate production function. A production function is the process of turning economic inputs like labor, machinery, and raw materials into outputs like goods and services used by consumers.A microeconomic production function describes the relation between the inputs and outputs of a firm, or perhaps an industry.

estimates of embodied technical change, Hulten () argues that as much as 20 percent of the change in total factor productivity can be directly associated with capital embodiment. Bartelsman and Dhrymes () and Baily et al. () use plant-level data to decom-pose improvements in aggregate productivity into a.

Dissecting aggregate output and labour productivity change. Journal of Productivity Analysis, Vol. 42, Issue. 1, p. ‘ Moore's Law and the Semiconductor Industry: A Vintage Model ’, Scandinavian Journal of Economics (), ‘Measuring Productivity Change without Neoclassical Assumptions: A Conceptual Analysis’, Statistics.

What quantitative lessons can we learn from models of endogenous technical change through innovative investments by firms for the impact of changes in the economic environment on the dynamics of aggregate productivity in the short, medium, and long run.

Get this from a library. The aggregate production function and the measurement of technical change: 'not even wrong'. [Jesus Felipe; J S L McCombie] -- This authoritative and stimulating book represents a fundamental critique of the aggregate production function, a concept widely used in macroeconomics.

The authors explain why, despite the serious. 3) The TFP only catches a portion of productivity, since it just considers the so-called disembodied technical change (residual vs.

labor and industrial capital inputs) and not also the embodied.capture technical changes in process technologies that may be associated with simultaneous changes, e.g., to organization or management, that also have conse- quences for productivity.I Methodological Approaches.- 2 Methodological Issues in Aggregate Productivity Analysis.- The Concept of Total Factor Productivity.- The Separability Assumption.- Productivity and Technical Change.- Total Factor Productivity Indexes.- Unbiased and Unique Discrete Approximations to TFP Indexes.- Aggregation Biases.-