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Revue de l'OFCE
Presses de Sc. Po.

I.S.B.N.2-7246-3066-1
400 pages

p. 217 à 233
doi: en cours

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New Directions in Productivity Analysis

no 97 bis 2006/5


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Capital Obsolescence, Growth Accounting and Total Factor Productivity

Patrick Musso
Résumé de l'article
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
• Introduction
• Growth Accounting and the US Productivity Slowdown
• The Mismeasurement Hypothesis
• Lessons from Few Numerical Exercises
• Conclusion
• References


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