A model of tfp
By: Ricardo Lagos.
Series: Federal Reserve Bank of Minneapolis, Research Department staff report ;; 345; Staff report (Federal Reserve Bank of Minneapolis. Research Dept. : Online) ;; 345.
Publisher: Federal Reserve Bank of Minneapolis
Published: 2004
Place of publication: [Minneapolis, Minn.]
Language: eng
Format: Electronic resource
Subjects: Industrial productivity -- Econometric models.
Description: "This paper proposes an aggregative model of Total Factor Productivity (TFP) in the spirit of Houthakker (1955--1956).  It considers a frictional labor market where production units are subject to idiosyncratic shocks and jobs are created and destroyed as in Mortensen and Pissarides (1994).  An aggregate production function is derived by aggregating across micro production units in equilibrium.  The level of TFP is explicitly shown to depend on the underlying distribution of shocks as well as on all the characteristics of the labor market as summarized by the job-destruction decision.  The model is also used to study the effects of labor-market policies on the level of measured TFP"--Federal Reserve Bank of Minneapolis web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 11/10/2004.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.