A New Measure of Utilization-adjusted TFP Growth for Europe and the United States

Diego Comin, Javier Quintana González, Tom Schmitz and Antonella Trigari ()

No 683, Working Papers from IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University

Abstract: We compute new estimates for Total Factor Productivity (TFP) growth in the United States and in five European countries. Departing from standard methods, we account for positive profits and use firm surveys to proxy for unobserved changes in factor utilization. These novelties have a major impact, especially in Europe, where our estimated TFP growth series are less volatile and less cyclical than the ones obtained with standard methods. Based on our approach, we provide annual industry-level and aggregate TFP series, as well as the first estimates of utilization-adjusted quarterly TFP growth in Europe.

Date: 2022
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Working Paper: A New Measure of Utilization-adjusted TFP Growth for Europe and the United States (2020)
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