Getting growth accounting right
Variation in factor shares, extensively documented in recent years, implies that standard growth accounting exercises are plagued by measurement issues. First, the standard assumption of constant shares generates a bias in the estimation of the contribution of factors to economic growth. Second, the...
- Autores:
-
Zuleta González, Hernando
Sturgill, Brad
- Tipo de recurso:
- Work document
- Fecha de publicación:
- 2015
- Institución:
- Universidad de los Andes
- Repositorio:
- Séneca: repositorio Uniandes
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.uniandes.edu.co:1992/8603
- Acceso en línea:
- http://hdl.handle.net/1992/8603
- Palabra clave:
- Factor shares
Production function
Measurement
Growth accounting
Productivity
Crecimiento económico - Contabilidad
Desarrollo económico
O11, O30, O41, O47, E01, E25
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
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Getting growth accounting right |
| dc.title.alternative.none.fl_str_mv |
Cambio en la participación de los factores y contabilidad de crecimiento |
| title |
Getting growth accounting right |
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Getting growth accounting right Factor shares Production function Measurement Growth accounting Productivity Crecimiento económico - Contabilidad Desarrollo económico O11, O30, O41, O47, E01, E25 |
| title_short |
Getting growth accounting right |
| title_full |
Getting growth accounting right |
| title_fullStr |
Getting growth accounting right |
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Getting growth accounting right |
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Getting growth accounting right |
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Zuleta González, Hernando Sturgill, Brad |
| dc.contributor.author.none.fl_str_mv |
Zuleta González, Hernando Sturgill, Brad |
| dc.subject.keyword.none.fl_str_mv |
Factor shares Production function Measurement Growth accounting Productivity |
| topic |
Factor shares Production function Measurement Growth accounting Productivity Crecimiento económico - Contabilidad Desarrollo económico O11, O30, O41, O47, E01, E25 |
| dc.subject.armarc.none.fl_str_mv |
Crecimiento económico - Contabilidad Desarrollo económico |
| dc.subject.jel.none.fl_str_mv |
O11, O30, O41, O47, E01, E25 |
| description |
Variation in factor shares, extensively documented in recent years, implies that standard growth accounting exercises are plagued by measurement issues. First, the standard assumption of constant shares generates a bias in the estimation of the contribution of factors to economic growth. Second, the effect that changes in factor shares have on output depends on the relative abundance of factors and, for this reason, having correct units of measurement for all factors is imperative. We perform a growth accounting exercise that incorporates factor share variation and solves the measurement issue. Results suggest that (i) the correct units of measurement are significantly lower than standard ones for the stocks of physical, natural and human capital per worker (ii) changes in factor shares have an important effect on the growth rates of income per worker for several countries and (iii) the marginal productivity of all factors is positively correlated with per worker income. |
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2015 |
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2015 |
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2018-09-27T16:54:52Z |
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2018-09-27T16:54:52Z |
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Documento de trabajo |
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http://purl.org/coar/version/c_970fb48d4fbd8a85 |
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1657-5334 |
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http://hdl.handle.net/1992/8603 |
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1657-7191 |
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10.57784/1992/8603 |
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instname:Universidad de los Andes |
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reponame:Repositorio Institucional Séneca |
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http://hdl.handle.net/1992/8603 |
| dc.language.iso.none.fl_str_mv |
eng |
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eng |
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Documentos CEDE No. 29 Agosto de 2015 |
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https://ideas.repec.org/p/col/000089/013814.html |
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http://creativecommons.org/licenses/by-nc-nd/4.0/ |
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openAccess |
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63 páginas |
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application/pdf |
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Universidad de los Andes, Facultad de Economía, CEDE |
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Universidad de los Andes, Facultad de Economía, CEDE |
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Universidad de los Andes |
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Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Zuleta González, Hernando11052600Sturgill, Brad1b2ff70a-ac9b-4ca5-b4d3-da96dee3532a6002018-09-27T16:54:52Z2018-09-27T16:54:52Z20151657-5334http://hdl.handle.net/1992/86031657-719110.57784/1992/8603instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/Variation in factor shares, extensively documented in recent years, implies that standard growth accounting exercises are plagued by measurement issues. First, the standard assumption of constant shares generates a bias in the estimation of the contribution of factors to economic growth. Second, the effect that changes in factor shares have on output depends on the relative abundance of factors and, for this reason, having correct units of measurement for all factors is imperative. We perform a growth accounting exercise that incorporates factor share variation and solves the measurement issue. Results suggest that (i) the correct units of measurement are significantly lower than standard ones for the stocks of physical, natural and human capital per worker (ii) changes in factor shares have an important effect on the growth rates of income per worker for several countries and (iii) the marginal productivity of all factors is positively correlated with per worker income.La variación en la participación de los factores, extensamente documentada, implica que los ejercicios tradicionales de contabilidad de crecimiento parten de supuestos erróneos. En primer lugar, suponer participaciones constantes genera un sesgo en la estimación de la contribución de cada factor; segundo, el efecto del cambio en la participación factorial depende de la abundancia relativa de factores y, por este motivo, es necesario contar con las medidas correctas para cada uno de los factores. En este trabajo se presenta un ejercicio de contabilidad del crecimiento que incorpora la variación observada en la participación de los factores y resuelve el problema de unidades de medida. Los resultados sugieren que (i) la unidades de medida correctas son significativamente menores que las usadas tradicionalmente para las variables de capital físico y capital natural por trabajador (ii) los cambios en la participación factorial tienen un efecto importante sobre el crecimiento económico y (iii) la productividad marginal de todos los factores de producción está positivamente correlacionada con el nivel de ingreso per capita.63 páginasapplication/pdfengUniversidad de los Andes, Facultad de Economía, CEDEDocumentos CEDE No. 29 Agosto de 2015https://ideas.repec.org/p/col/000089/013814.htmlGetting growth accounting rightCambio en la participación de los factores y contabilidad de crecimientoDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPFactor sharesProduction functionMeasurementGrowth accountingProductivityCrecimiento económico - ContabilidadDesarrollo económicoO11, O30, O41, O47, E01, E25Facultad de EconomíaPublicationTHUMBNAILdcede2015-29.pdf.jpgdcede2015-29.pdf.jpgIM Thumbnailimage/jpeg7950https://repositorio.uniandes.edu.co/bitstreams/d836a534-8d8b-4ce6-bb40-446416d22ba0/downloadf4fe0a5f6462d39f452c9681d3aa06d1MD55ORIGINALdcede2015-29.pdfdcede2015-29.pdfapplication/pdf839565https://repositorio.uniandes.edu.co/bitstreams/cac65a69-a83f-43d4-a606-3ca9640257fb/downloadcf645f85167e042f936bf90137e77923MD51TEXTdcede2015-29.pdf.txtdcede2015-29.pdf.txtExtracted texttext/plain102789https://repositorio.uniandes.edu.co/bitstreams/4fb4f8e5-a136-45d7-8063-29aeb32a15e0/downloadf857925304612c2bd5af5d1099d4c92cMD541992/8603oai:repositorio.uniandes.edu.co:1992/86032024-06-04 15:25:28.853http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co |