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American Economic Journal: Macroeconomics

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AEJ: Macro - Previous Issues

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AEJ: Macro - January 2010

Articles in this Issue
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Front Matter (pp. i - iv)

A Theory of Military Dictatorships (pp. 1 - 42)

Inflation-Gap Persistence in the US (pp. 43 - 69)

The TIPS Yield Curve and Inflation Compensation (pp. 70 - 92)

Why Are Saving Rates of Urban Households in China Rising? (pp. 93 - 130)

Firm Heterogeneity and the Long-Run Effects of Dividend Tax Reform (pp. 131 - 68)

Productivity Differences between and within Countries (pp. 169 - 88)

Why Does Misallocation Persist? (pp. 189 - 206)

Development Accounting (pp. 207 - 23)

The New Kaldor Facts: Ideas, Institutions, Population, and Human Capital (pp. 224 - 45)

JEL Indexes (Members Only)

American Economic Journal: Macroeconomics

Vol. 2, No. 1, January 2010

Development Accounting Chang-Tai Hsieh and Peter J. Klenow
Article Citation
Hsieh, Chang-Tai, and Peter J. Klenow. 2010. "Development Accounting." American Economic Journal: Macroeconomics, 2(1): 207–23.
DOI:10.1257/mac.2.1.207
Abstract
Researchers have made much progress in the past 25 years in accounting for the proximate determinants of income levels: physical capital, human capital, and Total Factor Productivity (TFP). But we still know little about why these factors vary. We argue that TFP exerts a powerful influence on output not only directly, but also indirectly, through its effect on physical and human capital accumulation. We discuss why TFP varies across countries, highlighting misallocation of inputs across firms and industries as a key determinant. (JEL E22, E23, F21, F35, O10, O40)

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Authors

Hsieh, Chang-Tai (U Chicago)
Klenow, Peter J. (Stanford U)

JEL Classifications

E22: Capital; Investment; Capacity
E23: Macroeconomics: Production
F21: International Investment; Long-term Capital Movements
F35: Foreign Aid
O10: Economic Development: General
O40: Economic Growth and Aggregate Productivity: General