Accueil Revues Revue Numéro Résumé

Revue de l'OFCE

2006/5 (no 97 bis)


ALERTES EMAIL - REVUE Revue de l'OFCE

Votre alerte a bien été prise en compte.

Vous recevrez un email à chaque nouvelle parution d'un numéro de cette revue.

Fermer

Article précédent Pages 217 - 233 Article suivant

Résumé

English

The stability of capital lifespan over time is a key assumption of growth accounting studies. However, many empirical works refute this hypothesis and suggest that the average service-life of capital goods has shown a decrease in the advanced economies since the 1970s. I show in this paper that this acceleration in capital obsolescence could strongly impact on traditional measures of Total Factor Productivity. For instance, a moderate increase in the capital retirement rate since the early 1970s could explain almost all the productivity slowdown observed in the US economy in the period 1974-2000.
JEL Classification: C80, E17, O47.

Keywords

  • capital obsolescence
  • total factor productivity
  • productivity slowdown
  • mismeasurement hypothesis

Plan de l'article

  1. Introduction
  2. Growth Accounting and the US Productivity Slowdown
  3. The Mismeasurement Hypothesis
  4. Lessons from Few Numerical Exercises
  5. Conclusion

Pour citer cet article

Musso Patrick, « Capital Obsolescence, Growth Accounting and Total Factor Productivity », Revue de l'OFCE 5/2006 (no 97 bis) , p. 217-233
URL : www.cairn.info/revue-de-l-ofce-2006-5-page-217.htm.
DOI : 10.3917/reof.073.0217.


Accéder à cet article
© 2010-2014 Cairn.info
back to top
Feedback