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Fernald, John, and
Brent Neiman. 2011. "Growth Accounting with Misallocation: Or, Doing Less with More in Singapore."
,
3(2): 29-74.
Show Article Details
DOI: 10.1257/mac.3.2.29
Abstract:We show that in a two-sector economy with heterogeneous capital subsidies and monopoly power, primal and dual measures of TFP growth can diverge from each other as well as from true technology. These distortions give rise to dynamic reallocation effects that imply technology growth needs to be measured from the bottom up rather
than from the top down. Using Singapore as an example, we show how incomplete data can be used to estimate aggregate and sectoral technology growth as well as reallocation effects. Our framework
can reconcile divergent TFP estimates in Singapore and can resolve other empirical puzzles regarding Asian development. (JEL E22, E23, E25, O33, O41, O47)
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Authors:
Fernald, John (Federal Reserve Bank of San Francisco)
Neiman, Brent (U Chicago)
JEL Classifications:
E22: Capital; Investment; Capacity
E23: Macroeconomics: Production
E25: Aggregate Factor Income Distribution
O33: Technological Change: Choices and Consequences; Diffusion Processes
O41: One, Two, and Multisector Growth Models
O47: Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
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