Total factor productivity and macroeconomic instability

Hakan Berument (), Nazire Nergiz Dincer and Zafer Mustafaoglu

The Journal of International Trade & Economic Development, 2011, vol. 20, issue 5, 605-629

Abstract: Total factor productivity (TFP) is an important component of growth for most countries. This article assesses the role of macroeconomic instability on TFP growth. We consider volatility in inflation, openness of an economy and financial market deepness as measures of macroeconomic instability. Empirical evidence provided from Turkey suggests that volatility of openness and financial market deepness reduce TFP growth, whereas volatility of inflation increases TFP growth.

Date: 2011
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DOI: 10.1080/09638190903365930

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