Publication type
Journal Article
Authors
Publication date
June 1, 2007
Abstract:
This paper derives series for capital utilization, labour effort and total factor productivity (TFP) for the UK from a general equilibrium model with variable utilization and labour adjustment costs. Capital utilization tracks survey-based measures closely, but persistent movements in total hours worked mean our labour effort series is not as highly correlated with its comparators. Our estimated TFP series is less cyclical than the traditional Solow residual, although a weighted average of capital utilization and labour effort - aggregate factor utilization - and the Solow residual are not closely related.
Published in
Oxford Bulletin of Economics and Statistics
Volume
Volume: 69 (2):245-269
DOI
http://dx.doi.org/10.1111/j.1468-0084.2006.00442.x
Subject
Link
- doi:10.1111/j.1468-0084.2006.00442.x
Notes
Originally 'Online Early' Dec.2006
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