Description
Title: The Case of the Greek Economy: A New Approach to Measuring Total Factor Productivity Growth Based on the Full Industry Equilibrium Approach
Abstract: With an application to data from the Greek economy, a novel technique for pinpointing the causes of output growth and quantifying total factor productivity (TFP) is put forth. The full industry equilibrium (FIE) framework, developed by Opocher and Steedman, is the foundation for the price accounting approach, which considers how technological advancement affects both output prices and input rewards. This paper makes three contributions: first, it modifies the FIE TFP measurement approach to take into account heterogeneous labor inputs, imported inputs, and indirect taxes; second, it compares the results with those obtained by using the neoclassical approach to TFP measurement, arguing that the FIE approach measures better sectoral TFP change; and third, it provides an estimate of the effectiveness of the method.
Keywords: total factor productivity growth; R&D diffusion; full industry equilibrium
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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