Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
966244 | Journal of Macroeconomics | 2008 | 10 Pages |
Abstract
When we allow capital depreciation to be endogenous, the acceleration of investment-specific technological progress can distort the measurement of the aggregate capital stock. Our quantitative exercise shows that this effect may cause a substantial bias in the measurement of total factor productivity and can account for a large portion of the observed productivity slowdown since the 1970s.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Toshihiko Mukoyama,