Sources of Growth and Behavior of TFP in Chile

Chile has exhibited sharp cyclical and trend variation in its GDP and TFP growth rates during the last half century. This paper presents new estimates of the sources of Chile's growth and new measures for factor inputs and TFP during 1960-2005. Capital series are adjusted by utilization and lab...

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Autores principales:	FUENTES,RODRIGO, LARRAÍN,MAURICIO, SCHMIDT-HEBBEL,KLAUS
Lenguaje:	English
Publicado:	Instituto de Economía, Pontificia Universidad Católica de Chile 2006
Materias:	Economic Growth Growth Accounting TFP Dynamics
Acceso en línea:	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-68212006000100004
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spelling	oai:scielo:S0717-682120060001000042006-10-13Sources of Growth and Behavior of TFP in ChileFUENTES,RODRIGOLARRAÍN,MAURICIOSCHMIDT-HEBBEL,KLAUS Economic Growth Growth Accounting TFP Dynamics Chile has exhibited sharp cyclical and trend variation in its GDP and TFP growth rates during the last half century. This paper presents new estimates of the sources of Chile's growth and new measures for factor inputs and TFP during 1960-2005. Capital series are adjusted by utilization and labor employment series by hours worked and labor quality measures. Using a Cobb-Douglas function, the paper presents eight series for TFP based on alternative combinations of input measures. Three alternative cyclical measures for GDP suggest that the full period can be divided into three sub-periods of similar length, with similar cyclical features, and that coincide closely with distinct historical eras: 1960-1973, 1974-1989, and 1990-2005. Across the latter time spans, a negative relation between the first and second moments of GDP growth is confirmed, consistent with international experience. This paper also reports econometric evidence on the behavior of Chile's TFP during 1960-2005. TFP dynamics are shaped by cyclical variables (the terms of trade and real exchange rate undervaluation) and structural policy variables (macroeconomic stabilization and microeconomic reform progress), as well as positive interaction effects between macro performance and micro policiesinfo:eu-repo/semantics/openAccessInstituto de Economía, Pontificia Universidad Católica de ChileCuadernos de economía v.43 n.127 20062006-05-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-68212006000100004en10.4067/S0717-68212006000100004
institution	Scielo Chile
collection	Scielo Chile
language	English
topic	Economic Growth Growth Accounting TFP Dynamics
spellingShingle	Economic Growth Growth Accounting TFP Dynamics FUENTES,RODRIGO LARRAÍN,MAURICIO SCHMIDT-HEBBEL,KLAUS Sources of Growth and Behavior of TFP in Chile
description	Chile has exhibited sharp cyclical and trend variation in its GDP and TFP growth rates during the last half century. This paper presents new estimates of the sources of Chile's growth and new measures for factor inputs and TFP during 1960-2005. Capital series are adjusted by utilization and labor employment series by hours worked and labor quality measures. Using a Cobb-Douglas function, the paper presents eight series for TFP based on alternative combinations of input measures. Three alternative cyclical measures for GDP suggest that the full period can be divided into three sub-periods of similar length, with similar cyclical features, and that coincide closely with distinct historical eras: 1960-1973, 1974-1989, and 1990-2005. Across the latter time spans, a negative relation between the first and second moments of GDP growth is confirmed, consistent with international experience. This paper also reports econometric evidence on the behavior of Chile's TFP during 1960-2005. TFP dynamics are shaped by cyclical variables (the terms of trade and real exchange rate undervaluation) and structural policy variables (macroeconomic stabilization and microeconomic reform progress), as well as positive interaction effects between macro performance and micro policies
author	FUENTES,RODRIGO LARRAÍN,MAURICIO SCHMIDT-HEBBEL,KLAUS
author_facet	FUENTES,RODRIGO LARRAÍN,MAURICIO SCHMIDT-HEBBEL,KLAUS
author_sort	FUENTES,RODRIGO
title	Sources of Growth and Behavior of TFP in Chile
title_short	Sources of Growth and Behavior of TFP in Chile
title_full	Sources of Growth and Behavior of TFP in Chile
title_fullStr	Sources of Growth and Behavior of TFP in Chile
title_full_unstemmed	Sources of Growth and Behavior of TFP in Chile
title_sort	sources of growth and behavior of tfp in chile
publisher	Instituto de Economía, Pontificia Universidad Católica de Chile
publishDate	2006
url	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-68212006000100004
work_keys_str_mv	AT fuentesrodrigo sourcesofgrowthandbehavioroftfpinchile AT larrainmauricio sourcesofgrowthandbehavioroftfpinchile AT schmidthebbelklaus sourcesofgrowthandbehavioroftfpinchile
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Sources of Growth and Behavior of TFP in Chile

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