Supply-Side Adjustments in the Czech Republic: A Cross-Sector Perspective

Kamil Dybczak and Vladislav Flek

Eastern European Economics, 2007, vol. 45, issue 6, 29-45

Abstract: We calculate production functions for the key productive sectors of the Czech economy (agriculture, industry, etc.), exploring the growth-accounting approach and decomposition of total factor productivity (TFP) growth. We establish that the growth in real value added over the period 1996-2005 has been driven mainly by increases in TFP. Our analysis shows, however, that this aggregate long-term growth pattern does not hold for all productive sectors. Furthermore, from 1996 to 2005, the Czech economy generally suffered from a structural burden in that all growth in TFP was due exclusively to better utilization of resources, given the initial structure of their allocation, with a negative contribution of resource reallocation.

Date: 2007
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