Intangibles, markups, and the measurement of productivity growth

• 成果类型: Article
• 署名作者: Crouzet, Nicolas; Eberly, Janice
• 署名单位: Northwestern University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2021.09.005
• 发表日期: 2021
• 页码: S92-S109
• 关键词: productivity growth; Intangible capital; markups; Mismeasurement

摘要

In recent years, measured TFP growth in the US has declined. We argue that two forces contributed to this decline: the mismeasurement of intangible capital, and rising markups. Markups affect input shares, while intangibles omitted from measures of investment affect measured capital growth, each potentially generating downward bias in measured TFP growth. Most importantly, when both forces are simultaneously present, their effects reinforce each other and amplify the downward bias in measured TFP growth. Using inputoutput data, we estimate that this mechanism could account for one-third to two-thirds of the decline in measured TFP growth. (c) 2021 Elsevier B.V. All rights reserved.