The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economy
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/26181 |
Resumo: | The variables that contribute to explaining the major puzzles and paradoxes in macroeconomics and economic growth literature always appear related, directly or indirectly, to capital stock and depreciation. Depreciation defined in a narrow sense refers only to physical wear and tear, but in a broader sense, it also includes economic deterioration and obsolescence. In this study, we explore the link between these two depreciation concepts, the capital deepening and total factor productivity (TFP) growth. We propose a double growth accounting framework that allows us to establish a relationship between variables in statistical terms and variables in economic terms. Then, with Spanish data for 1964–2015, we first analyze the role played by capital intensity and TFP in explaining the evolution of labor productivity. The results are substantially different depending on whether we use statistical or economic measures of capital and depreciation. Second, we focus on the paradox of productivity, concluding that the apparent absence of a positive correlation between investment in information and communication technology and the TFP growth rate may be due to the delay effect associated with such investment combined with the statistical under-estimation of true economic depreciation. |
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The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economyCapitalDepreciationICTSlowdownTFPThe variables that contribute to explaining the major puzzles and paradoxes in macroeconomics and economic growth literature always appear related, directly or indirectly, to capital stock and depreciation. Depreciation defined in a narrow sense refers only to physical wear and tear, but in a broader sense, it also includes economic deterioration and obsolescence. In this study, we explore the link between these two depreciation concepts, the capital deepening and total factor productivity (TFP) growth. We propose a double growth accounting framework that allows us to establish a relationship between variables in statistical terms and variables in economic terms. Then, with Spanish data for 1964–2015, we first analyze the role played by capital intensity and TFP in explaining the evolution of labor productivity. The results are substantially different depending on whether we use statistical or economic measures of capital and depreciation. Second, we focus on the paradox of productivity, concluding that the apparent absence of a positive correlation between investment in information and communication technology and the TFP growth rate may be due to the delay effect associated with such investment combined with the statistical under-estimation of true economic depreciation.SpringerRepositório da Universidade de LisboaEscribá-Pérez, Francisco-JavierMurgui-García, María-JoséRuiz-Tamarit, José-Ramón2022-11-23T13:50:05Z20222022-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/26181engEscribá-Pérez, Francisco-Javier, María-José Murgui-García e José-Ramón Ruiz-Tamarit (2022). "The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economy". Portuguese Economic Journal, 21(1):31-501617-982X10.1007/s10258-020-00187-zmetadata only accessinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:55:40Zoai:www.repository.utl.pt:10400.5/26181Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:09:53.301907Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economy |
title |
The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economy |
spellingShingle |
The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economy Escribá-Pérez, Francisco-Javier Capital Depreciation ICT Slowdown TFP |
title_short |
The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economy |
title_full |
The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economy |
title_fullStr |
The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economy |
title_full_unstemmed |
The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economy |
title_sort |
The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economy |
author |
Escribá-Pérez, Francisco-Javier |
author_facet |
Escribá-Pérez, Francisco-Javier Murgui-García, María-José Ruiz-Tamarit, José-Ramón |
author_role |
author |
author2 |
Murgui-García, María-José Ruiz-Tamarit, José-Ramón |
author2_role |
author author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Escribá-Pérez, Francisco-Javier Murgui-García, María-José Ruiz-Tamarit, José-Ramón |
dc.subject.por.fl_str_mv |
Capital Depreciation ICT Slowdown TFP |
topic |
Capital Depreciation ICT Slowdown TFP |
description |
The variables that contribute to explaining the major puzzles and paradoxes in macroeconomics and economic growth literature always appear related, directly or indirectly, to capital stock and depreciation. Depreciation defined in a narrow sense refers only to physical wear and tear, but in a broader sense, it also includes economic deterioration and obsolescence. In this study, we explore the link between these two depreciation concepts, the capital deepening and total factor productivity (TFP) growth. We propose a double growth accounting framework that allows us to establish a relationship between variables in statistical terms and variables in economic terms. Then, with Spanish data for 1964–2015, we first analyze the role played by capital intensity and TFP in explaining the evolution of labor productivity. The results are substantially different depending on whether we use statistical or economic measures of capital and depreciation. Second, we focus on the paradox of productivity, concluding that the apparent absence of a positive correlation between investment in information and communication technology and the TFP growth rate may be due to the delay effect associated with such investment combined with the statistical under-estimation of true economic depreciation. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-11-23T13:50:05Z 2022 2022-01-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/26181 |
url |
http://hdl.handle.net/10400.5/26181 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Escribá-Pérez, Francisco-Javier, María-José Murgui-García e José-Ramón Ruiz-Tamarit (2022). "The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economy". Portuguese Economic Journal, 21(1):31-50 1617-982X 10.1007/s10258-020-00187-z |
dc.rights.driver.fl_str_mv |
metadata only access info:eu-repo/semantics/openAccess |
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metadata only access |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Springer |
publisher.none.fl_str_mv |
Springer |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799131194866008064 |