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EAFITEscuelasEscuela de Economía y FinanzasEsc. de Economía y Finanzas / Bulletin NewsThe Productivity Challenge. What to expect from better-quality labour and capital inputs?

Eventos / 09/10/2017

The Productivity Challenge. What to expect from better-quality labour and capital inputs?

EXPOSITOR 

Vincent  Vandenberghe, Ph.D. 

Université Catholique of Louvain

Fecha: 11 de octubre de 2017
Hora: 5:00 p.m. – 6:00 p.m.
Lugar: Bloque 27, aula 403, Universidad EAFIT

Abstract

The aim of this paper is to develop and implement an analytical framework assessing whether better-quality inputs, via a rise of TFP, could compensate an ageing-induced slowing of economic growth. Here "better-quality" means more educated and older/more experienced workforces; and also better-quality capital proxied by its ICT content. Economic theory predicts that these trends should raise TFP. To assess these predictions, we use EU-KLEMS data, with information on the age/education mix of the workforce, as well as the importance on ICT in total capital, for 34 industries within 16 OECD countries, between 1970 and 2005. We generalise the Hellerstein-Neumark labour-quality index method to simulateneously capture workers’ age/experience or education contribution to TFP growth, alongside that of ICT. The conclusion of the paper is that the quality of inputs matters for TFP. We find robust microeconometric evidence that better-educated and older/more experienced workers are more productive than their less-educated and younger/less-experienced peers. Also, ICT capital turns out to be more productive than other forms of capital. And when used in a growth accounting exercise covering the 1995-2005 period, these estimates suggest that up to 40% of the recorded TFP growth could be ascribed to the rising quality of inputs.


Acerca del expositor

Vincent  Vandenberghe is Ph.D. in Economics UCL, BS in Economics UCL, MA in Economics UCL, Special Degree in Philosophy. Sus temas de interés:  labour economics, economics of ageing, human capital, productivity, applied econometrics.
Última modificación: 09/10/2017 15:57

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