Agricultural productivity in the United States: catching-up and the business cycle

V. Eldon Ball and Camilo A. Ulloa
Authors registered in the RePEc Author Service: Carlos San Juan Mesonada ()

UC3M Working papers. Economics from Universidad Carlos III de Madrid. Departamento de Economía

Abstract: This paper examines the relation between the business cycle and convergence in levels of total factor productivity (TFP) across states. First, we find evidence of convergence in TFP levels across the different phases of the business cycle, but the speed of convergence was much greater during periods of contraction in economic activity than during periods of expansion. Second, we find that technology embodied in capital was an important source of productivity growth in agriculture. As with the rate of catch-up, the embodiment effect was much stronger during low economic activity phases of the business cycle.

Keywords: Agriculture; Convergence; Total; factor; productivity (search for similar items in EconPapers)
Date: 2011-06
New Economics Papers: this item is included in nep-agr, nep-bec and nep-eff
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Persistent link: https://EconPapers.repec.org/RePEc:cte:werepe:we1116

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