The aggregate productivity slowdown: A system approach

Rafael Serrano-Quintero

Economics Letters, 2023, vol. 223, issue C

Abstract: I revisit the productivity slowdown debate by estimating the capital-labor elasticity and the bias of technical change for the U.S. economy under four different models of technical change. One with constant growth rates, one with a structural break in the constant growth rates, one in which growth is linear, and one with flexible time-varying growth rates. I find evidence in support of non-constant growth rates of factor-augmenting technical change. Labor-augmenting technical change growth rates are decelerating, while capital-augmenting technical change is non negligible but vanishes quickly.

Keywords: Constant elasticity of substitution; Factor-augmenting technical change; Productivity slowdown (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:223:y:2023:i:c:s0165176522004463

DOI: 10.1016/j.econlet.2022.110972

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