Searching for the "Productivity Slowdown": Some Surprising Findings from West German Manufacturing
检验了第一次石油冲击后西德制造业全要素生产率是否存在长期负趋势或结构性断裂，在调整规模经济和产能利用率后，发现大多数行业不支持该假设。
The authors test the hypothesis of a negative long-term trend and/or a structural break in total factor productivi ty after the first oil price shock for West German manufacturing industries within an econometric model based on a flexible cost function with capital as a quasi-fixed factor. After adjusting total factor productivity growth for scale economies and varying capacity utilization, this hypothesis is not supported by their empirical findings for the grea t majority of industries studied, whereas the hypothesis that the (log-)level of total factor productivity follows a random walk with drift is not rejected by various statistical tests. Copyright 1993 by MIT Press.