Industrial Origins of the US productivity revival

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Presentation transcript:

Industrial Origins of the US productivity revival 1995-2005 Dale Jorgenson, Mun Ho, Kevin Stiroh, Jon Samuels 2008 World Congress on National Accounts and Economic Performance Measures, Washington DC. May 13, 2008

Topics 3 ways of constructing aggregate GDP from industry accounts the role of IT-producing, IT-using and non-IT industries in U.S. productivity growth 1995-2000 vs. 2000-2005 the contribution of labor input in the productivity revival Information Technology and the American Growth Resurgence Jorgenson, Ho and Stiroh (2005) Industry Origins of the American Productivity Resurgence, Jorgenson, Ho, Samuels and Stiroh (2007), Economic Systems Research

Industry gross output production function: Value added of industry j: j=1,…85 using the SIC

3 ways of describing aggregate GDP aggregate production function GDP = V1 + … + Vn = f(K,L,Tagg) -aggregate ppf GDP = Vppf(V1, … ,Vn) = f(K,L,Tppf) -Domar-aggregation over industries GDP = Vppf(V1,V2,…,Vn) = f(K1,…Kn,L1,…Ln,T1,…Tn)

Aggregate GDP from Production Possibility Frontier; translog index of industry value added: Focus on 3 industry groups:

Classification of industries

Comparing aggregate production function GDP = V1 + … + Vn = f(K,L,Tagg) aggregate ppf GDP = Vppf(V1, … ,Vn) = f(K,L,Tppf)

Domar aggregation over industries. Aggregate TFP growth is the sum of industry TFP growth and reallocation of capital and labor.

Sources of Growth GDP = Vppf(V1, … ,Vn) = f(K,L,Tppf) GDP = f(KIT, KnonIT, LCollege, LnonCol,Tppf)

December 23, 2000 issue

Growth accounting with NAICS Next step: Growth accounting with NAICS