Multi-Factor Productivity in OECD Countries: Malmquist Index Approach

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초록

Lee (2014) provides the estimates of the Solow residual for 24 OECD countries. To complement these estimates in examining relative productivity of individual countries, this paper measures the growth rates of multi-factor productivity (MFP) for the same sample of 24 OECD countries using the Malmquist index approach. The Malmquist index approach is expected to address some of the limitations of the growth accounting approach by relying on the concept of the best-practice frontier. Since the best-practice frontier offers a common reference point against which productivity growth of all sample countries are measured, the Malmquist index approach provides more sensible comparison of the relative productivity of different countries. The use of the best-practice frontier in measurement also allows productivity growth to be broken down into technical change and efficiency change. The estimates of technical change presented in this study suggest that actual productivity growth in the OECD area fell short of an increase in the area’s potential productive capacity during 1986～2011. Subsequently, the estimates of efficiency change indeed indicate an overall increase in technical inefficiency among the sample OECD countries over the 26 year period. When the same input-output data are used, the time trends of MFP growth identified by both Malmquist index and growth accounting approaches are found to be more or less in sync, whereas there are noticeable differences in the relative pace of MFP growth between the two approaches.

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