Revisiting Productivity Dynamics in Europe: A New Measure of Utilization-Adjusted TFP Growth

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

No 695, Working Papers from IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University

Abstract: We compute new estimates for Total Factor Productivity (TFP) growth in five European countries and in the United States. 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 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. JEL Codes: E01, E30, O30, O40

Date: 2023
New Economics Papers: this item is included in nep-eff, nep-lma and nep-tid
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Related works:
Working Paper: Revisiting Productivity Dynamics in Europe: A New Measure of Utilization-Adjusted TFP Growth (2023)
Working Paper: Revisiting Productivity Dynamics in Europe: A New Measure of Utilization-Adjusted TFP Growth (2020)
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