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Estimating Total Factor Productivity during the Great Recession \2007-2009\ in the U.S. Manufacturing Industries Using the Levinsohn and Petrin \2003\ Approach Over the Period \1998-2019\
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Estimating Total Factor Productivity during the Great Recession \2007-2009\ in the U.S. Manufacturing Industries Using the Levinsohn and Petrin \2003\ Approach Over the Period \1998-2019\
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Estimating Total Factor Productivity during the Great Recession \2007-2009\ in the U.S. Manufacturing Industries Using the Levinsohn and Petrin \2003\ Approach Over the Period \1998-2019\
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Journal Article
Estimating Total Factor Productivity during the Great Recession \2007-2009\ in the U.S. Manufacturing Industries Using the Levinsohn and Petrin \2003\ Approach Over the Period \1998-2019\
2023
Overview
This paper aims to explore the patterns and causes of change in total factor productivity TFP in the U.S. manufacturing industries during the Great Recession period (2007-2009). Using STATA statistical software this study fits a conventional Cobb-Douglas production function, and a Levinsohn and Petrin (2003) production function to estimate TFP using labour hours as a free variable, capital services as a state variable and intermediate inputs as a proxy for unobservable productivity shocks. The LP and OLS TFP estimates at the industry level reveal an interesting story where the growth in productivity in each industry slowed down during and after the years of the (2007-2009) economic turbulence in the U.S. economy. This post-recession slowdown has been widespread and occurred in 70% of the world's advanced, emerging and developing economies, as well as 80% of the world's poorly developed economies. There can be all manner of reason as to what stands behinds this slowdown in TFP, as it is fairly difficult to pinpoint the exact factors that contributed to it, but it can be partly put down to the slowdown in the share of start-ups, deceleration in capital intensity and capital deepening, and a decrease in investment in the aftermath of the recession.
Publisher
جامعة مصراتة
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