ACCOUNTING FOR GROWTH WITH NEW INPUTS

• 成果类型: Article
• 署名作者: FEENSTRA, RC; MARKUSEN, JR
• 署名单位: University of Colorado System; University of Colorado Boulder; National Bureau of Economic Research
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.2307/2527062
• 发表日期: 1994
• 页码: 429-447
• 关键词: index

摘要

This paper examines the aggregate production function in an economy characterized by the creation of new, intermediate inputs. We show how growth can be decomposed into changes in higher quantities of existing inputs, and a greater range of inputs. Indexes of total factor productivity would reflect the latter. We also construct a dynamic monopolistic-competition model in which products are endogenously introduced, and simulate that model to produce artificial data. When used in standard growth-accounting regressions, the data can appear to be generated by an economy with exogenous technical change and (approximately) constant returns to primary factors.