World Productivity Growth: A Model Averaging Approach

Meryem Duygun, Jiaqi Hao, Anders Isaksson and Robin Sickles
Additional contact information
Meryem Duygun: University of Hull
Jiaqi Hao: ATB Financial, Edmonton
Anders Isaksson: UN Industrial Development Organization

Working Papers from Rice University, Department of Economics

Abstract: The paper provides a discussion of panel data and productivity analysis in applied economic modeling. We discuss a variety of modeling scenarios and justifications for them based on classical economic theory and on more recent advances in production modeling, which formulate methods to decompose productivity growth based on a Solow-type residual (Solow, 1957) into innovation and catch-up. Methods to combine the various estimates based on different empirical specifications that model and estimate productivity growth are then discussed and these provide the econometric approaches we use to estimate world productivity growth. We also provide a counterfactual analysis of a scenario in which the rise in income inequality since the 1970's in the US is tempered by distributing productivity growth to wage compensation growth as had been the case during the post-WWII years to the early 1970's.

JEL-codes: C23 D24 O47 (search for similar items in EconPapers)
Date: 2015-05
New Economics Papers: this item is included in nep-eff and nep-ino
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Journal Article: World Productivity Growth: A Model Averaging Approach (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:ecl:riceco:15-011

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